Anyone can be a landlord, right? All it takes is having an apartment and finding a tenant and then you're all set. Well, it's not quite that easy. Landlording is a complex business that is best run by a multitalented person who likes people and can work with his or her hands as well as head. If you enjoy challenges and are willing to learn new skills, being a landlord in an owner-occupied dwelling can be rewarding.

As a novice, however, don't jump into it too fast. First, find out what you'll be getting into. Read this book, then check out some of the other references listed in Appendix A. Talk to other landlords and ask them what they like most about their job and what bothers them the most. Go as a guest to a professional meeting or seminar. Listen and learn as much as you can.

You also need to honestly consider how landlording will affect your personal life. How does your family feel? Do you have family commitments that are a priority? Does your family back your decision to become a landlord? After all, this is a job that will affect their lives, too.

If you plan to work on your landlording business after working at a full-time job, will you have enough time, energy, and interest to come home to more chores? You don't want to burn out. When landlords get to that point, they let their property deteriorate until the only tenants they can attract bring along more problems. Anyone can spend a few months working around the clock, but it's not easy to sustain that pace for a year or two. Are you up to the challenge?

Maintaining a rental unit might not be a full-time job, but it can be time consuming. You won't be able to go to Florida to escape three months of ice and snow if you have a tenant, unless you're going to hire someone else to do your work. Are you willing to make that commitment? If you buy a fixer-upper — and have a full-time job — getting away for a vacation will be a dream, not reality, for quite some time.