You have applied for a mortgage loan to finance the purchase of a home that can house several families. When you buy that home and start renting units in it to others, you’ll be taking on the role of “landlord.”You will be a special type of real estate professional, entitled not only to collecting rent, but also to enjoying certain tax advantages and selecting some of the people who’ll live side by side with you.

You have a lot to look forward to — many rewards, but also lots of responsibilities. You’ll need to make sure your tenants’ living quarters meet health and safety codes. You’ll be responsible for abiding by federal, state, and local landlord/tenant laws. It will be your responsibility to find tenants, collect rent, and manage your property within a budget. You’ll need to keep careful records documenting both the income you collect and the expenses you pay. And all the while, you’ll be responsible for making timely mortgage payments — whether or not your rental units are occupied, and whether or not your tenants pay their rent on time.

At Fannie Mae, our job is to help those who house America. To help you succeed as a landlord, Fannie Mae has prepared this guide. The guide’s purpose is to help you and other fi rst-time landlords understand the risks and responsibilities involved in the business of being a landlord, and to share some proven ways of handling them successfully.