What is the downside of renting out your home for long periods of time?

I'm thinking of renting out a home I recently inherited.

I don't want to sell it for sentimental reasons and I don't need to sell it, financialy.

Here is what I have learned from over 30 years of renting my properties to others: 1) There is no way (legal or otherwise) you can character screen a prospective tenant 2) professionals (teachers, engineers, doctors etc)are no less likely to tear up your property than others 3)You can legally restrict pets or add a 2X or 3X security deposit for pets.

If you do not live in the area of your rental property, your risks/costs increase since your periodic inspections (always require these in a lease)are more difficult and responding to tenant's legitimate problems (e.g. dishwasher stopped working, furnace will not heat etc.) is more difficult. My bottom line is: 1) renting to others can be profitable if your property is in an area of appreciating real estate values; 2) you can obtain a rental amount that covers all of your costs including taxes, interest, maintenance, contingencies, 3) you obtain a security deposit of at least one months rent 4) you do a basic on line check of the prospective renter.

A trick I have learned - include the cost of water and sewer in your rental amount calculation and then offer this "free" to the tenant with the agreement they will faithfully water your lawn/plantings as needed.

Leave it empty and check frequently for homeless people moveing in. Renting just gets out of hand, if you do, you'll kick yourself.

people do not respect whats not theirs. unless you rent to an older couple your headed for trouble and a dammaged house. just becareful who you rent too, make sure they dont drink or use drugs

I've had lots of friends who have rented their homes or condos out and the biggest nightmare seems to be problems with the tenants and all of the money it takes for the upkeep!

Example... if they have pets, if they destroy your carpets/furniture/walls... I mean, first and last months' rent deposit (which is what most people ask) doesn't really seem to cut it at that point!

However, it's a nice little extra income

Try renting to a military family because they will have to answer to the government if they damage you home.