Some jurisdictions require you to accept all sources of income, whether a paycheck or child support; your attorney can advise you on local requirements. You’ll also need to think about types of income, such as regular employment, self-employment, seasonal employment, unemployed or underemployed but receiving benefits, child support, Social Security, etc. What are your minimum standards in these situations, and what are you actually comfortable with? Remember, you want to reduce risk and also keep your peace of mind every month, knowing that your rent money is coming! Then you’ll need to go through steps for verification and proof, such as pay stubs, earnings statements, W-2 forms, tax forms, letters from employers, proof of other income, etc. At the same time, you must ensure you aren’t violating any laws about the types of income requirements you’re allowed to have for someone who wants to rent out your property. • Will you rent your home to extra adults? A common example is college students or people in a roommate-type situation. You’ll need to consider your rules and requirements for these tenant candidates, and determine if you’re in compliance with the law. Maybe you’d rather not rent out to college students for fear of frequent parties and ensuing property damage, but your preference needs to be within the law. Check with your attorney on any legal uncertainties. • How many people will you allow to rent your house at once? For example, will you rent your two-bedroom house to a family of two adults and eight children? They might not seem like ideal tenants, but please be warned: make sure that whatever policies you put in place don’t violate any Fair Housing Act laws. It’s a good idea to 24
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