If you’re interested in real estate investing, one of the most profitable ways to do it is to become a landlord. There are a lot of ins and outs to consider before undertaking this endeavor. Here are some of them.

The first step for becoming a landlord is to purchase a rental property. Due diligence is a must for finding the right property to invest in. Financing the purchase is another thing to keep in mind as you proceed down the path toward becoming a landlord.

In some situations, enterprising landlords can turn a house they already own into a rental property. For instance, say you pay off your house and buy another. You can turn the house you paid off into a rental property that pays the mortgage on your new home. Or, if you’re still paying on the house, rent it out as a way to pay that house’s mortgage.

Either way, once you own a rental property, you’re officially a landlord.

Any successful landlord knows the importance of planning for unexpected costs. Maintenance and repairs costs are examples of this type of expense. Landlord insurance is another of the costs that comes with being a landlord that you’ll need to prepare for.

Another must for a landlord is a solid understanding of tenant-landlord laws and how to attract tenants to the rental property. Having the rental unit or house move-in ready can help to attract high-quality renters.

Are you good at marketing? You’ll need to be to keep your rental property filled. In today’s tech-savvy society, online resources (social media, rental sites, etc.) are good resources for getting the word out about your rental property. Photos are a big help in advertising a rental property, so if you’re handy with a camera, tell the rental unit to smile big. If your inner photographer doesn’t want to come out to play, it might be worth the investment to hire a professional photographer.

Once prospective tenants express interest in your rental property, it’s time to screen them. The screening process can be as thorough as you want—within tenant-landlord laws—but typically includes a rental application that requires information on former residences, employment, and income. Some landlords opt to run credit and background checks on tenant candidates.

Next comes the lease agreement, which spells out what’s expected from the tenant and landlord. There are many online resources that can help you draft an effective lease agreement.

After landing tenants for your rental property, maintaining the property should be of the utmost importance. Your rental property business depends on it.

For landlords who have the time and a rich DIY skill set, maintaining and making repairs to the rental property on their own might be a good idea. For those who prefer not to DIY the job, hiring a property manager is a good option.

Buying a rental property can be a lucrative real estate investment for the right investor. If this type of investment interests you, now is a good time to start researching your financing and property management options, not to mention sharpening your marketing skills.