Investing in rental properties can yield significant passive income, but it comes with risks. Key considerations include ensuring financial stability before investing, choosing a prime location with growth potential, and understanding local landlord-tenant laws to avoid legal issues. Conducting thorough tenant screenings is essential to minimize risks of late payments or property damage. Rental income is taxable, but certain deductions can help. Additionally, obtaining comprehensive landlord insurance is crucial to protect both the property and the landlord from unexpected claims.
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