Q: Who takes care any maintenance on the rental house I purchase?
A: The management company you choose to manage the properties typically has a list of local contractors to call when maintenance issues arise. The expense of the repair is deducted from the income for the property.
Q: Who hold the deposits that the tenants pay when moving in?
A: The management company will have a trust account that security deposits are put into until needed when the tenant moves out.
Q: What is the application process for potential tenants?
A: Typically an application includes personal information on the possible tenant as well as any persons that will be living in the unit. Credit and criminal background checks are often utilized as well.