If you decide to rent the property, you will be responsible for keeping the unit in safe and habitable condition, making repairs, selecting tenants and collecting rent from tenants. Once a property is leased, the tenant has a right to use, occupy and enjoy the premises in accordance with the lease or rental agreement. A written lease which clearly sets out the duties of both the landlord and the tenant provides the best protection for both parties. Your actions as a landlord are controlled by the terms of the lease and applicable federal, state and local law. There are a variety of books available at book stores and libraries which describe in general terms the advantages and disadvantages of becoming a landlord. You might also wish to consult with an attorney or real estate agent, experienced in managing rental property, for help in drawing up a lease and understanding a landlord`s rights and responsibilities.