Here is a brief answer to your questions:
(1) Each state has laws regarding rental properties.
You may search the web to find one which states the rights and responsibilities of landlords/renters.
>> Do owners need to check the renters’ criminal
>> history for the security reason?
Optional. You must check if s/he has stable incomes.
>> Do owners have to
>> tell the renter the history of the past renters?
No, in general.
>> Now, I feel the work is a little bit too much for us.
You may hire temporary workers to do the job for you if you are busy now. The cost will be deducted from the rent income when reporting tax.
>> How much do we need to pay for the capital gain for
>> the rental properties?
The gain will be the difference of selling and buying prices plus the annual appreciation that you used when reporting tax. The tax is roughly 20% of the gain. You may use a tax software like TurboTax to compute it.
>> Do you think we should keep these properties?
That depends on many factors. If the real estate market is strong and the rental income is stable, then keep it. If you are paying alternative maximum tax (AMT), paying off the mortgage is a good idea; otherwise, keeping the money invested is a good option.
Just my 2 cents.
(1) Each state has laws regarding rental properties.
You may search the web to find one which states the rights and responsibilities of landlords/renters.
>> Do owners need to check the renters’ criminal
>> history for the security reason?
Optional. You must check if s/he has stable incomes.
>> Do owners have to
>> tell the renter the history of the past renters?
No, in general.
>> Now, I feel the work is a little bit too much for us.
You may hire temporary workers to do the job for you if you are busy now. The cost will be deducted from the rent income when reporting tax.
>> How much do we need to pay for the capital gain for
>> the rental properties?
The gain will be the difference of selling and buying prices plus the annual appreciation that you used when reporting tax. The tax is roughly 20% of the gain. You may use a tax software like TurboTax to compute it.
>> Do you think we should keep these properties?
That depends on many factors. If the real estate market is strong and the rental income is stable, then keep it. If you are paying alternative maximum tax (AMT), paying off the mortgage is a good idea; otherwise, keeping the money invested is a good option.
Just my 2 cents.
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