What advice would you give to the first time owner of a multi-family house?

I'm thinking seriously of buying a 3 family home near me. What can I learn from you all to shorten my learning curve? What should I expect? What are the pros and cons?





Thanks in advance.What advice would you give to the first time owner of a multi-family house?
I agree that you need to know the tenant/landlord law in your area. Are you going to occupy it also (the laws might be different if you are going to live there - don't rent to anyone you don't want to share your life with)?





I agree about having a great lease. Use it to protect yourself (and your tenants):





Check references


Check credit


Do NOT rent to friends (what a great way to destroy a friendship).


Do NOT listen to sob stories


Get a lawyer on retainer or figure out how much one will cost


Evict quickly





Know that one bad tenant can really put you in a bind.





If it works the way it is supposed to work it can be great.





Don't buy a place without knowing you could make the mortgage payments on your own if you had to (for some reason).





good luck!What advice would you give to the first time owner of a multi-family house?
Assuming you will rent out the apartments, you need to make yourself aware of Landlord / Tenant laws in your area. Draw up a good lease that will protect you from miscreants. Do background or credit check on new applicants.
Always do a credit report and a employment verification, ask for first month and a security deposit, put in the contract that if rent is late there is a penalty,that either party must give a 30 day written notice before eviction or vacating the premises and that tenant is responsible for paying court cost if it comes to that.