1. List your property on www.craigslist.com and wait for people to call you.
2. Show potential tenants your property. If they are interested, ask them to fill the application form and collect $25 application fee.
3. Check applicants' credit history. I use www.mrlandlord.com
The key is select the right tenants. Normally 700+ credit tenants are better tenants. Sooner or later you will have wrong tenants and you just need to learn from your mistakes.
4. Sign lease with tenants and collect the rent. Don't forget to collect deposit. Normally it is 1 month rent.
5. Ask tenants to pay any repair which is less than $30. Put it in the lease.
6. You may want to buy an Umbrella Insurance policy(like $2m) to protect youself just in case thing goes wrong.
