It takes the same resources to go into landlording as it does to buy or remodel any home. You need equity in a home or a down payment and closing costs. A good credit rating is essential because it affects your ability to get the loan. And lenders like to see that you have a savings account or other assets, such as stock, bonds, life insurance with a cash value, pension funds, and longevity on the job.

If you're going to buy property, you need to be able to spot good deals and price real estate realistically. If it's a fixer-upper, you need to assess whether it's structurally sound, how good the roof is, and what shape the windows are in.

You also need savings. This is essential so you can have a rainy day fund that can help pay for unforeseen expenses and to cover times when a vacant apartment is not pulling in rent.

You'll need business cards, a variety of rental forms, a cell phone, and a phone with voice mail or an answering machine. (Two numbers will give your tenant confidence that you are readily accessible, especially for emergencies.) Set up a home office. Do you have a computer and printer? Where will you store records and forms? Find a box or other place to store spare keys to the unit. You'll also need space for tools, spare parts, and cleaning and painting supplies and equipment.

Your resources should include books, magazines, newsletters, and Internet sources so you can keep building up your knowledge about landlording. Don't overlook the benefits of joining a professional organization where you can tap into the wealth of information and services that the organization itself and its member landlords have. Professional organizations also offer seminars and meetings where you'll be able to learn more. They may have a website from which you can download forms pertaining to landlording that are specifically targeted for your state or a supply of those forms in the office that can be purchased at low cost.