My parents were real estate investors in Oklahoma City, Oklahoma. My parents would buy homes and rent them. This idea was handed down to my mother from my grandmother, who is a real estate agent and real estate investor. When a unit became vacant my 3 sisters and 1 brother would help in cleaning and make ready for the next tenant. There were occasions when the units were really filthy or damaged. My parents looked at it as part of the rental business and moved on to the next tenant.
I have rental properties, my sister has rental properties and my brother too. After talking shop with them, we all realized that there are 2 rules to being a landlord. 1) “It’s how you handle the process of being a landlord” and 2) “Only be a landlord to a unit that your not emotionally attached to.”
When my husband and I bought a bigger house 6 years ago and it was hard to sell the home we moved from, we thought about renting the home. But, from life time experience on my part, I followed rule #2. “Don’t rent out a home that your emotionally attached to.”
Why? If you are emotionally attached to a property or anything for that matter how you handle it will be compromised. Law officials of any kind can’t represent someone whom they are emotionally attached to because their decisions will be compromised. The same rule applys to real estate.
If you look at it as simply a business the emotion is taken out of it. If you lay out the rules and regulations in a lease agreement and follow the lease agreement then handling any situation will be easier. For example… if X Y and Z is not done on your side or theirs then X Y and Z will happen.
Ironically, that works with raising kids too.