Legal Research

Many real estate investors get into the market because they think it’s a great, easy way to earn passive income. That is often true, but it doesn’t come without a lot of work, and even some risks.  With that in mind, legal research is incredibly important for anyone investing in rental properties. Some of the most important legal research tips you should be looking at include:

  • Getting the right kind of insurance for your properties to protect you from liability issues
  • Using a company/brand name instead of your personal name
  • Talking to a professional about setting up a contract the right way

When it comes to short-term rentals, there are also several licenses that you may need in order to legally rent out your property. Some states have extreme restrictions and laws in place over short-term rentals, and they vary from place to place. Doing your research on laws like these, as well as insurance and liability laws will help to keep you and your money much safer.

If you don’t do your legal research and end up doing something wrong, you could face huge fines, citations, or even potential jail time. Even if you have been in the rental industry for years, it’s worth it to keep up with your legal research on a regular basis. Laws change, and the licenses you need to operate may have changed as well. Don’t let yourself get into trouble after years of hard work. Keep up with your legal research.