Should I Convert My Condo into a Rental Property?

[DeathEatsaCracker]

I live in a condo now that I purchased for 65k several years ago. Now, my girlfriend and I are having a house built.

I feel I will be lucky to break even on this condo, and have considered converting it into a rental property.

What are the tax advantages to doing so? Are they greater than the likely headache that comes from being a landlord?

If I choose to be a landlord, I would want to be very picky about who I rent to. How do I avoid violating the Fair Housing Act without ending up with some scumbags renting from me?

Will the Association dues ($212 a month) be tax deductable?

 

[DeathEatsaCracker]

If I hire a property management company, is that tax deductable?

 

[DeathEatsaCracker]

Hmmmm...I'm going to try a busier forum.

 

[curt]

Everything you spend relating to renting that property is tax deductible. I don't know if it is close to where you are going to be but all the costs visiting your rental property are fully deductible.