1. High turnover rate: No matter what, regardless of what price point you’re listing at, a high turnover rate is a problem equaling high costs and little profit.

Solution: if high turnover is a fear or reality, having a better tenant screening service is one way to face the issue head-on. By screening your potential tenants, you will automatically avoid many issues. You can also review your written rental standards to be sure that you are setting the right bar for who lives in your place and that early termination penalties and other barriers keep tenants from leaving early.

2. Late rent payments: Following through with penalties for late rent payments can be a hassle and is a common problem for landlords.

Solution: one way to protect yourself from getting stiffed is starting off with qualified tenants. Do a credit check and be sure they have the right income. Use a rental application that covers all relevant financial items and ensures that they have the capacity to pay you on time every time. When they are late, be sure there is ironclad wording in your agreement to protect yourself and recover your money. To encourage your tenants to pay on-time, you can also setup online rental payments as a convenient method to secure your funds faster.

3. Legal compliance: Keeping everything in compliance can be challenging. It takes some due diligence to understand the scope of your responsibilities.

Solution: find online resources and consult with a lawyer. Do the work to inform yourself about all of the laws in your state that apply to your situation. It may feel like a google search is enough, but skimping on legal advice or research now will hurt you later. Too many issues could arise in which a lack of understanding ends with you losing out financially. Put in the time to be sure you are armed with what you need to know to succeed.

4. Property vacancy: Your income depends on occupation. Vacancy can make you feel desperate and lead to getting wrong or underqualified tenants.

Solution: it costs more to replace bad tenants than it does to wait for new ones. Patience, tenant screening and high standards will pay off in the long run. There are numerous way to advertise your property and get the word out about vacancies. Take advantage of social media and online outlets to be sure people know you’re open for business.

5. Property maintenance: Routine and one-off maintenance items (like appliances) need to regularly be addressed. If you’re doing this yourself, keeping on top of it can be hard.

Solution: Plan for maintenance. Get on a schedule of how and what you’re going to check on. Understand that midnight calls may be part of the gig, but you’ll get far fewer of them if you’re keeping everything in good repair.