There are always risks when taking on a new tenant, will they pay their rent ,will they keep the property in a good condition, will they give you suitable notice of their intention to vacate the property.
Here are three main points to check thoroughly:
The prospective tenants work situation.This is so that you have a good idea of their stability and their ability to pay you the rent.It is extremely difficult to evict a tenant these days and you would be better off selecting a professional with a job who has a steady income.
The prospective tenants rental history.Insist on at least one rental reference if possible and use that information.Phone their former landlord and ask them if they paid on time, ask if they where ever in breach of their lease agreement and if so find out why.
The prospective tenants credit history.This will give you an immediate indication of their reliability to pay their rent on time and in full.
As I said before it is very difficult to evict a tenant so make sure ,as far as you can ,that you are choosing the best possible tenant, it can only be beneficial to you.
Very interesting. There will always be risks involved. Make sure that you have enough money for shortfalls if your tenant leaved without notice.