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It is actually quite easy to turn your home into a rental, but there are certain regulations and rules that must be followed. The first order of business when turning your home into a rental property is to meet with a real estate attorney. A real estate attorney will give you all the legal ramifications that you must take into consideration. The steps that you must take actually vary according to the state that you reside in, but a specialized attorney will let you know exactly what steps you must take forth when turning your home into a rental property. The next step is to prepare your home for a rental. For instance, it is advisable to remove any items that are important as they have a chance to be ruined or even lost by future tenants. You also want to make sure that your home is clean and tidy before showing it to prospective tenants to make the best impression early on. The next step is to determine the value of your home. This will help you to come up with a rental price that is fair to you, the owner, and the future tenants. It is best to figure out the value of your home based on other homes in your area with the same square footage. Next, you want to advertise your new rental by placing ads over the internet and posting them up in coffee shops and other areas in and around your neighborhood. You never know where the perfect tenant will be lurking. Lastly, you will want to draft up a lease agreement and security deposit price. Your attorney will be able to help you with drafting up the lease agreement if necessary or you can hire a property management company to help you with renting out the property.