Many sellers in todays market are considering renting their home if they cant sell it.  This could help and it could hurt you.  Many families moving into Wisconsin are looking for short term rentals while they wait for their home to sell in other areas.  If you are open to renting it out, you may have a buyer 6 months from now. Chances are the renters may want to purchase it just to avoid moving again.  However be aware that becoming a landlord takes some time and research.  Work with a good real estate attorney or a management firm.   

Here are top four concepts accidental landlords should know.

1. You're not the only with a great idea. There's a reason one-third of homebuyers were investors or second home buyers in 2005 and 2006 -- money flowed like water, so a lot of people had the same idea -- get rich with real estate. Today, those same people are renting the homes they bought, and the sheer numbers are driving rental prices downward.
   
2. Underpricing works.. It's more cost effective to keep a property rented than it is to hold out for higher rent. Remember, it's about momentum. The market is a reality check, everybody does comps, but they are history, that's what happened yesterday. "If you have your unit, and the one next door is exactly the same and they're cheaper, their's will rent first."
   

3. Meet your tenant. Whether you are using an agency or not, it's crucial to meet your prospective tenant before allowing them to sign the lease. The best thing to do is a walk-through so that you and the tenant can take stock of the condition of the property. The tenant is the custodian of your property. Use your instincts and rely on information other than the credit report. Just make sure you're not violating any fair housing laws. If there are issues from both standpoints, you both need to know.

4. Understand the true costs of renting vs. selling. Amateur investors think, "My mortgage is this, I should get that." Smart investors understand cash flow. If you declare another property as your homestead, you lose the homestead exemption on your rental. There's insurance, maintenance fees, the cost of make ready and the costs of clean up when the tenant moves out. If you use an agency to rent your property because you're out of state, you could pay as much as one month's rent in fees annually.

You also need to guesstimate your vacancy costs. If you have a property as an investment for the long haul, and you do year-long leases, you probably have two weeks a year where you're not collecting rent, if you're pricing your unit to rent quickly.