Located in Utah.
Some questions I have:
- What's the best way to collect rent as a landlord? I imagine electronic is best. I would initially shy away from Venmo, as it seems like it would break the co-mingling of cash requirement for an LLC (technically, not allowed by Venmo unless a business account).
- What's the best way to do a background check on potential tenants? I assume this is worth doing?
- Is it worth paying a lawyer to create an LLC and associated documents? I've created LLC for a super small side business I have, but a rental property would have much more likelihood of having legal issues.
- The property would be about an hour away from me. I wouldn't be able to timely take care of issues due to the distance and work. I'm weighing the options of hiring a management company or finding a handyman who I can hire for specific jobs. Between renters would likely be a mix of me and the handyman for any repairs and getting it ready to rent.
What other tips/suggestions do you have?