There are so many ways in this world through which you can make money without having to put in a lot of effort. The simplest and the most convenient method is to rent a house, provided that you are a property owner. However, even when you are putting up a place for rent, that does not mean you can stay lax for long. You have to be careful when renting out a home because you will be under the watch of HUD. HUD is the US department of housing and urban development, and they perform audits. If you have been involved in this line of business, then you are probably aware of what they do but if you are a beginner, then you need to learn what they are and how they work. For beginners, it is best that they give this article a read as it contains all the info that they need to know. This article will act as your beginners guide to HUD audits.
For starters, in order to rent a house there are certain things that requires you to be careful. The first one is to ensure that your house is in compliance with the HUD, this includes the paint, doors, walls, windows, etc of your house. They have to be within the specified limits of the HUD.
Also, tax is a major concern that needs to be addressed. You can go to Odoni Partners LLC and get better guidance as well as consultation on the matter.
Besides this, it is important that you consider the amount of rent that you set. The rent is assessed based on the rent in your surrounding properties so make sure you do a thorough research before setting up a rate.