How do I start renting my house?

Renting instead of selling can absolutely be the right call, but there is one item on the list nobody above has mentioned, and it carries the biggest dollar figure: the day you move out, a tax clock starts running. Under IRS Section 121, you can exclude up to $250,000 of gain when you sell your home, or up to $500,000 if you are married filing jointly, as long as you owned it and lived in it as your main home for at least two of the five years before the sale. Move out and rent it, and you keep that exclusion for a while, but you generally have to sell within three years of moving out to still satisfy the two of five test. Rent it for four or five years and the exclusion is gone and the whole gain becomes taxable. There is a second tax item that surprises almost every accidental landlord. Once the house is a rental you depreciate it, and when you eventually sell, that depreciation gets recaptured and taxed at a federal rate of up to 25 percent. That happens even if you later move back in and requalify for the exclusion. Worse, the IRS reduces your basis for depreciation allowed or allowable, meaning it counts against you whether you actually claimed it or not, so there is no benefit to skipping it on your return. I am a real estate professional, not a CPA, so do not act on those two paragraphs without your own tax advisor. But if you speak to nobody else before you rent this house, speak to a CPA about the Section 121 clock. It is the most expensive thing to get wrong and it stays invisible for years. Now the operational side. Michael already pointed you at Nevada landlord-tenant rules and the deposit, and Barrett, Juan and Mary all flagged the insurance switch, which is genuinely the most commonly skipped step. Here is the Nevada specific detail worth adding. Nevada caps your security deposit. Under NRS 118A.242, the total of the security deposit and any surety bond, including any last month's rent you collect up front, cannot exceed three months of periodic rent. That cap counts every refundable deposit no matter what you label it, so a pet deposit and a cleaning deposit go into the same bucket. After the tenant vacates and the agreement ends, you have 30 days to return the deposit or deliver a written itemized accounting of what you kept and why. Miss that window and you can be liable for the entire deposit plus court costs and the tenant's attorney fees. Put a calendar reminder on move out day. That single habit prevents most Nevada deposit disputes. A few more things to handle before you advertise it. Read your note or call your lender. If you financed this recently as an owner occupied primary residence, there is usually an occupancy covenant with a time period attached. It is rarely an issue once you have lived there a year or more, but read it instead of assuming. Get the landlord or rental dwelling policy actually in force before the tenant moves in, not after, and require the tenant to carry renters insurance naming you as an additional interested party. Make it a lease term, not a suggestion. Check licensing for your specific address. The Las Vegas valley is split across unincorporated Clark County, the City of Las Vegas, North Las Vegas and Henderson, and the business license answer for a long term residential rental differs by jurisdiction. Call the business licensing division for the authority that actually governs your address rather than relying on what a neighbor or a forum told you. Price it off leased comparables, not asking rents, and be honest about the math. Rent has to cover principal, interest, taxes, insurance, HOA if you have one, and still leave a reserve. I tell owners to set aside roughly one month of rent per year for maintenance and another for vacancy. If the house does not pencil with those reserves included, it is not cash flowing, it is losing money slowly. Finally, keep clean books from day one. Rental income and expenses go on Schedule E and the deductions only survive if you can document them. Separate bank account, every receipt, mileage log. Being straight with you: I am Zoltan Peresztegi, and I work in Los Angeles, the South Bay and the Palos Verdes Peninsula in California. I am not your local agent in Las Vegas and I will not pretend to know your submarket. I am glad to connect you with a strong Las Vegas agent or property manager from my referral network who can pull real rental comps for your street and tell you honestly whether renting beats selling for your specific house. One note, since this question has been sitting a while. Rates, rents and Nevada landlord rules have all moved since 2022, so verify anything you read in older threads before you rely on it. Zoltan

Renting can be a good idea if the numbers work and you are comfortable being a landlord. Start by checking the market rent, mortgage payment, taxes, insurance, HOA rules, repairs, vacancy risk, and property management costs. Then get the home clean, safe, and functional. Make sure smoke detectors, locks, plumbing, HVAC, appliances, and flooring are in good shape. I would also review Nevada landlord-tenant rules, use a strong lease, screen tenants carefully, collect the right deposit, and consider hiring a property manager if you do not want calls about repairs.

Renting can be a great option if the numbers make sense and you're comfortable being a landlord. Start by determining a competitive rental price, making any necessary repairs, deep cleaning the home, and confirming you have the right insurance coverage. From there, market the property, thoroughly screen tenants, and use a strong lease agreement. If you don't want to manage it yourself, hiring a property management company is also worth considering.

Renting instead of selling can be a good idea if your mortgage, taxes, and maintenance costs are covered by rent (or close to it) and you’re comfortable being a landlord or hiring a manager—but it only works if the numbers make sense, not just as a backup plan. To get started, first run a quick rent estimate for your area so you know what the home can realistically lease for, then compare that to your monthly costs. Next, get the home “rent-ready”: clean everything thoroughly, complete basic repairs (leaks, doors, safety items), make sure appliances work, change locks, and handle any safety requirements like smoke/CO detectors. After that, take good photos, decide your rent price and lease terms, and either list it yourself or hire a property manager to handle marketing, tenant screening, and the lease.

Whether renting instead of selling is a good idea depends on your goals, finances, and the property itself. I usually encourage homeowners to start by asking a few questions: Do you have significant equity in the home? Will the expected rental income cover your mortgage, taxes, insurance, maintenance, and vacancy periods? Do you plan to return to the home someday, or is it purely an investment? Sometimes keeping a property as a rental can be a great long-term wealth-building strategy. Other times, selling and deploying the equity elsewhere makes more financial sense. If you decide to rent the property, preparation is important. Rental homes need to be clean, safe, and functional. I recommend addressing deferred maintenance, servicing HVAC systems, checking plumbing and electrical items, replacing burned-out light bulbs, repairing leaks, touching up paint, and ensuring all appliances are in good working order. A property that is well-maintained tends to attract better tenants and fewer headaches down the road. You'll also want to think about the business side of being a landlord. This includes determining an appropriate rental rate, understanding fair housing requirements, screening tenants, collecting security deposits, having a strong lease agreement, and deciding whether you want to manage the property yourself or hire a property manager. One thing many homeowners overlook is insurance. You'll typically need to convert your homeowner's policy to a landlord policy once the property becomes a rental. Before making the decision, I recommend sitting down with a Realtor who understands both sales and leasing. They can help you compare the potential proceeds from a sale against the expected cash flow and long-term appreciation of holding the property as a rental. I've had clients go both directions over the years, and the right answer is usually the one that best supports your overall financial and lifestyle goals—not necessarily what the market headlines say.

You would need to get your home move in ready for the next tenant. Whether you renting vs. selling is a good idea, is totally dependent on your specific situation.

Good decision to think through the process before just throwing it on the market. Here's what you need to handle before your first tenant moves in. Get the house rent-ready. Fix anything that's broken, clean it thoroughly, and make it presentable. You don't need to renovate, but a clean, well-maintained home rents faster and attracts better tenants. Fresh paint in neutral colors goes a long way. Switch your insurance from a homeowners policy to a landlord or rental dwelling policy. Your regular homeowners insurance does not cover you when someone else is living there. This is not optional. Research rental rates in your area. Look at comparable rentals on Zillow, Rentometer, or talk to a local property manager to find out what similar homes are renting for. Price it right from the start just like you would a sale. Decide whether you're self-managing or hiring a property manager. If you're local and handy, self-managing saves money. If you're not interested in tenant calls at 10pm on a Saturday, a property manager at 8 to 10 percent of monthly rent handles everything. Screen tenants thoroughly. Credit check, background check, income verification, landlord references. Never skip this step. Have a lease drafted by a real estate attorney in your state so your legal protections are solid from day one. And set up a separate bank account for rental income and expenses so your records are clean for tax purposes.

You start by shifting your mindset from "homeowner" to "landlord." First, remove every single personal item and deep clean the house until it is "hotel ready." Second, run the numbers to set a rental price that covers your costs and build a reserve fund for repairs. Finally, and most importantly, use a professional service to screen every applicant’s credit and criminal background. Never, ever rent on a handshake.

Here are some steps to take when renting out your house: Understand the legal requirements: Before renting out your house, it is important to understand the legal requirements in your area, such as rental laws and zoning regulations. You may also need to obtain a rental permit or register your property with the local government. Determine a rental rate: Research the rental rates for similar properties in your area to determine a fair rental rate for your property. Get your property ready: Before listing your property for rent, make any necessary repairs and improvements to ensure it is in good condition. This may include updating appliances, painting, and making sure the house is clean and well-maintained. Advertise your property: Advertise your property on various platforms such as online classifieds, social media, and local newspapers. You can also hire a property management company to help you with the marketing and advertising. Screen tenants: Once you have potential renters, it is important to screen them to ensure they are responsible and financially stable. This can include background and credit checks. Sign a lease agreement: Once you have found a suitable tenant, it is important to have them sign a lease agreement that outlines the terms of the rental, such as the rental rate, security deposit, and responsibilities of both the landlord and tenant. Collect rent and maintain the property: Collect rent on a regular basis and make sure to maintain the property and make any necessary repairs. It is also important to note that being a landlord has certain responsibilities and obligations, such as ensuring the safety and habitability of the property, complying with fair housing laws, and respecting the privacy and quiet enjoyment of tenants.

Nestor, I agree with the guys below. Give a local management company a call. They can ensure you the most money and make sure you understand exactly what you are getting in to. Good Luck!

Nestor, I think it is a great idea to rent instead of sell. Ofcourse it depends on your situation. To get your home ready for tenants I would clean and freshly paint the house. Then you can either list it by yourself or use an agent or property management company. Agents usually charge 1 month rent for a 12 month lease. Property managers typically charge 10-12%.

Nestor, The best thing you can do to prepare to offer your home for rent will depend upon the home, the condition, your local rental market, and various factors including your mortgage balance, expected maintenance costs, fees associated with the property, etc... You can certainly try to do this on your own, or you may consider hiring an experienced property manager who includes servicing the property maintenance as well as recruiting tenants when vacancies occur. Hope this helps.