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The first and last month's rent + security deposit varies. Many places in the city here do a security deposit of a month's worth of rent or a month and a half, and then first month's rent upon handing over the keys. Some places in the suburbs do first and last plus a lower security deposit. Just remember if you do first and last plus a full security deposit, you're asking for 3 to 3.5 months of rent in advance. (Depending on what a fair rent is in your area, this could get up to as much as half a down payment on a house. I know Chicago is way different than Cincinnati, but that's upwards of $5,000.00 in advance for my apartment, and this is only for a 2 bedroom apartment, not a whole house).
I would give a copy of that CD to the renters, as well. If only to prove that you have documented the condition of the house.
24 hours notice depends on your municipality, I believe. For your first time renting, I'd ask a realtor about that. You can also get standard lease language at the library, or someplace ridiculous like Home Depot, I believe. I don't know about the keys - I've never had a landlord worried about making copies of the keys. Perhaps you can have it punched with the "Do Not Duplicate" in order to discourage it? If you do this, make sure that you have keys made for each person in the house that would need one, including kids probably age 5 and above.
I'm not an expert at renting out my own place, I'm just a super awesome tenant/landlord's dream.
Last edited by agzg; 11-29-2010 at 05:25 PM.
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