Source: http://clarkhoward.com/shownotes/category/4/20/

• Before you write a check for an application fee or a deposit on an apartment, ask about the length of the lease, the amount of rent, and the amount of deposit.
• Make sure the lease specifies that water service is included, or that it is billed at the prevailing rate in the community.
• Never sign an apartment lease on the spot. Take it home with you and read it. If you don't understand something, put question marks next to the item and get an explanation.
• If you pay a deposit or an application fee for an apartment and decide not to rent the apartment, you probably will lose the money.
• Always add a clause to an apartment lease giving you the right to terminate the contract before its normal expiration if your circumstances change.
• Many leases renew automatically unless you notify the landlord that you are leaving.
• Make sure to be present for the move-in inspection, and note everything you can find wrong with the apartment. Be present for the move-out inspection, too.
• If a landlord doesn't give you back a security deposit, you have the right to sue in small claims court.
• Renting from a private owner is fine, but be aware of the danger of not being able to renew your lease, or of the owner being foreclosed upon.
• If your landlord fails to respond to maintenance requests, send written requests. If a landlord doesn't respond to a breakdown that makes the apartment unlivable, consider paying for the repair yourself and deducting the amount from your next month's rent.
• If you know you're going to be evicted, try to make some arrangements to move your possessions, either to a friend's house or into storage.
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Being A Landlord Tips (Source: http://clarkhoward.com/shownotes/category/4/20/145/)

• If you rent property, manage it as if it were a business. Set a rent that's fair for your market, not one that's based on your mortgage payment.
• Require prospective tenants to fill out an application, and ask them to supply a copy of their credit report.
• Make the security deposit a little higher or lower, but not the same as, a month's rent.
• For landlords with just one or two properties, include a repair clause that makes the tenant responsible for the first $50 cost of any repair. To do this, you may have to charge a little less in rent.
• Provide a $25 or $50 discount for early rent payment.
• Do a move-in inspection and move-out inspection of the property to protect yourself in case you have to keep part or all of the security deposit to cover damage.
• If your tenants do not pay the rent, be prepared to evict them.

If you're relocating far away from your property, ask a friend or relative to handle the rental, in return for some compensation, or consider professional management.

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