Owning a multifamily rental property can be a profitable investment, but it also presents a significant liability if it’s mismanaged. It’s important to adhere to all applicable laws, including those pertaining to the rights of your tenants. By following best practices, you can not only protect yourself from losing lawsuits, but avoid most of them entirely.
1. Set Up Recordkeeping from the Start
First of all, it’s important to keep thorough records on the financial and practical aspects of your property. Some of the documents that either you or a designated property manager should keep up to date include: