It is great that you are doing well in your life and that you have a second home now. Maybe you want to lease out this send home in order to supplement your income and get access to a decent amount of regular income. The state of Tennessee has some very strict laws that govern the relation between a tenant and their landlord. If you wish to lease your residential property to someone, make sure that you are aware of the many laws that you will have to follow, and what your rights as a landlord are.
• You must always ensure that the residential property that you want to lease adheres to the state housing and safety codes. Failing to meet these requirements can invite all kinds of civil as well as criminal charges. Perform regular inspections of your home and employ the services of a building inspector if needed. Making sure that your property meets all legal criteria will help you get higher rent for your property and will also help you avoid legal entanglements of any kind.
• As a landlord in the state of Tennessee, it is your duty to make sure that your residential property is in a fit for living conditions. There should be no health or safety issues. A good way to make sure of this is by following the building codes and health codes for residential buildings that have been set by the state of Tennessee.
• If you have a large property that is leased out to multiple tenants, it is your responsibility to make sure that all the common areas are cleaned regularly.
• Always keep the signed copy of the rental agreement in a safe place. The rent agreement lists the duties and responsibilities of both you and your tenant regarding your property, and It can prove to be an invaluable asset in the case of any legal dispute between you and your tenant.
• You are entitled to use the security deposit to repair any damage to your property that the tenant caused, whether directly or indirectly. Within 3 days of the tenant vacating your property, you must inspect the premises and compile a complete list of damages for which you are seeking monetary compensation. The accuracy of this report can be questioned by the tenant, so you can also get a qualified inspector to produce this report for you.
• In case the tenant refuses to pay rent, or is unable to do so for more than 30 days, you can forfeit the security deposit as form of payment. You will need to provide details of the refund you will provide to your client for the damages they cost you, or a report stating what expenses you had to incur. This must be done by you within 60 days of notification by tenant to leave.
• You are not allowed to enter the premises of your tenant without their permission as long as it is not regarding some emergency condition. You are however allowed access to the premises for repair purposes, even in the absence of the tenant and are expected not to take advantage of this privilege in any untoward manner.