Renting a home

i have not, but i know people who do. they have been lucky with their renters and haven't had any real damage or problems with people not paying. it is risky, but if you think you can get enough to cover your mortgage (or more :) and get a good security deposit with first and last months rent, i would go for it! that sounds like a nightmare commute for your dh and i know what it's like to be alone for very long hours with a baby and no adults. no fun. good luck!

My parents have a rental property, and they have had their share of ups and downs in the 20 or so years they've been renting--one eviction, and a few tenants that had trouble paying on time.  I think it balanced out w/ good tenants too though.  My ILs have a rental too, although they go through an agency.  The upside is the $ and the fact that the house isn't vacant.  The downside is that you are responsible for the premises and everything in that house, whether the repairs are minimal or huge.  If DH isn't handy and available at a moments' notice, you'll have to make sure you know someone who is JIC, or hire the agency/realtor.

As for wear and tear, it depends on the size of the house and who will be living there.  A single couple is less likely to give you issues than a family w/ school-aged kids & pets.  Make sure you have a really detailed lease, and have them sign a statement about the condition of the property before they move in.  Watch a few episodes of People's Court or Judge Judy to get the idea of some stuff that can (but doesn't usually) happen, and spell it out.  Ditto PP about security, first, and last.  Anybody who can't come up w/ that probably shouldn't be renting from you in the first place.

Find out if your county has a Renter's association. There will be a small fee, but you may get discounts on some things like paint, and they have a standard lease forms for you to use and lots of advice.

In such a small area, do you think it would be easy to rent?

The first thing to consider:  Can you handle both notes if the house goes unrented for long periods of time?  (i.e. between tenants or heaven forbid an unpaying tenant that has to be evicted)  That's a very possible situation.  And can you swing the money for major repairs, if needed - (heating unit fails, fridge stops working). 

The nuts and bolts of being a landlord is a bit secondary, I think.  It's nice that your Dad and DH are handy - that helps lot.  It also helps that your Dad is close.  We long-distance landlorded for a while and it was a total PITA.   Some tenants will call for every little thing, such as a stopped up toilet (or a bat in the house) - be clear in your contract what you will do and what they are responsible for.

We've had tenants do some damage, but it was mostly b/c they were filthy, dirty people.  They wrecked carpets and left a nasty, nasty mess.  They weren't like this to start, btw - but as marital troubles escalated, the house became a pig-sty.   It was heartbreaking to have to restore that home and see how they abused it.  We've been fortunate to not deal with any major damage.  My grandfather had one tenant who stripped everything before being evicted - appliances, lighting, counter tops.  It was a mess.  But that's not typical.  Most tenants are pretty reasonable I think, and damage is just normal wear-and-tear stuff.  Don't expect them to take care of it like you would though ... cause most won't.

I can see that you really need to get out of your current situation though.  That's an insane commute.

ITA with everything Jan said; have a lawyer draft the lease, check with a realtor to get accurate rental/security $ amounts, talk to an accountant to find out about taxes/writeoffs/etc.  Also, check into the tax ramifications of moving out; here, if you sell a property that you haven't lived in for I think two years, the entire price of the home is subject to capital gains taxes, whereas if you have maintained primary residency at the property, it falls under different taxation laws.  

Originally posted by erinchelsea  Maybe we should stay here after all!!! I'm so glad I asked, I would have never thought of all of this stuff!

Oh no! I bet you could definitely make it work, and with that commute for your DH it might be worth looking into leasing the house.  I just wanted to mention what came to mind.  I know folks who have been burned by the two-year cutoff, and it would really stink to have that happen to you guys!