WANT TO RENT YOUR HOME?

There's more to it than placing an ad on Craigslist and collecting rent. Some things to consider before diving into the market:

Smart marketing. It can net quality tenants and the highest possible rent for the area and type of home.

Carefully screen applicants. Pay a professional service such as Tenant Check, www.tcofmn.com. Property management companies also do tenant screening.

Call your city to find out if it requires a rental license to rent out property.

You must comply with federal, state and sometimes local fair housing and other anti-discrimination laws.

Are you handy or will you have to hire someone to do maintenance and repairs?

Consider hiring a local property management company to do all the work. Get references from clients and check if it is a member of the Minnesota Multi-Housing Association.

• Call your county regarding property taxes, which will change.

• Obtain adequate insurance coverage; your home now is considered a business property. Consider transferring the property to a limited liability company (LLC) to protect your other assets.

• Keep a separate checking account, so you can monitor rental income and expenses. When you file taxes, you will be able to deduct the depreciation of the property over time.

• Minnesota Multi-Housing Association offers educational seminars and information about screening applicants; it sells residential leases and other forms and offers networking opportunities for members. A printable brochure is available online. 1650 W. 82nd St., Suite 250, Bloomington. 952-854-8500. www.mmha.com.

• Landlords and Tenants: Rights and Responsibilities handbook written and published by the Minnesota Attorney General's Office. An online version is at www.tenant.net/Other_Areas/Minnesota/handhead.html.