Quote:
Originally Posted by dalecrenshaw
Lake County is 11% rental tax (8% goes to the State and 4% goes to Lake County). If your house is in Lake County, you need to register with Lake County, in addition to the State.
Also, very important, in addition, you also need a business license from Lake County and the State in order to rent your property. And, you need to retrofit your house according to their regulations...such as emergency lighting, etc.
|
And, "landlord's" insurance (you are not covered by the standard home owner's policy or need a special ryder), income taxes if you actually make money, and recapture on depreciation if you take depreciation and eventually sell at a gain, security and cleaning deposits in a separate bank account, etc. etc. Rental becomes a mountain of rules, regulations and procedures and a whole set of potential risk and liability exposures. It is good you are trying to be aware of them beforehand.