SHOULD YOU RENT OUT TO FAMILY OR CLOSE FRIENDS?
The landlord field is a lot like many other industrial fields: if you want the best results, it is usually best to work with complete strangers who understand that they have to put in actual work to get their paycheck. For best results, it is best to work with people who do not have emotional ties that may affect the quality of work or those who may pin on you unrealistic expectations.
As a landlord, renting to complete strangers simplifies everything. They rent from you and they pay you rent at the end of the month. They understand that their security deposit will disappear if they wreck the appliances. Renting to a family member or a close friend may be a little more complicated than that. You may not be able to handle such a ‘tenant’ with the same professional attitude you would strangers, and you may have problems having to explain why you dipped into their security deposit.