Let's follow the case of a couple who lived in Arlington Heights for nearly 30 years. After deciding to move to Florida upon retirement, they faced the dilemma of whether to sell or rent out their home, which their children had outgrown. Ultimately, they decided to keep it as a rental and prepared step by step for the process they were experiencing for the first time.

First, they set the rental price. The average rent in Arlington Heights is $1,930 per month according to RentCafe. A one-bedroom unit averages $1,851, while a two-bedroom unit is around $2,136. Having lived in their home for so long, they were out of touch with the market, but by comparing a few similar listings in the same school district and with the same number of bedrooms, they were able to establish a rough price range.

Next was the task of finding tenants. They posted ads on Zillow and Apartments.com, and when inquiries came in, they did not rush to sign a lease but instead checked the following items:

• Credit report results
• Proof of income
• Previous rental history and confirmation from the former landlord
• Consent for background check

Since they had already moved to Florida, they received documents remotely and proceeded with the lease signing electronically. The key was not to skip screening just because they couldn't meet in person.

They also paid attention to photos. They included several bright pictures taken during the day, along with accurate details about the number of bedrooms and whether there was a basement. When collecting the application fee, they set it at the cost of the credit and background checks.

The lease clearly stated the rent amount, payment due date, security deposit amount, maintenance responsibilities, and lease term. In Illinois, there is no specific cap on security deposits outside of Chicago. However, the return process is defined. If there are no deductions, the full amount must be returned within 30 days after the tenant moves out, and if there are deductions, a detailed itemization must be provided within 30 days, with the remaining balance returned within 45 days. Failing to comply means not only returning the full deposit but also potentially facing double damages.

If rent is overdue, a written notice must be sent first for five days. This is based on Illinois Civil Procedure Code 735 ILCS 5/9-209. If the issue is not resolved after the notice, the next step is to file for eviction in court. Since they had moved out of state, it's important to note that even if they send a notice for overdue rent, the house will not be vacated immediately. Tenants have a period to respond after the notice, and if it goes to court, it can take longer. From a remote management perspective, it's wise to have extra funds set aside for this possibility.

Before moving out, they documented the condition of the house with photos and videos and conducted a walkthrough with the tenant. By distinguishing between normal wear and actual damage in advance, they reduced the chances of disputes later, even from a distance.

They also checked their insurance ahead of time. Homeowner's insurance and rental insurance have different coverage. They informed the insurance company before the tenant moved in and adjusted the necessary aspects. As the lease was nearing its end, they discussed renewal options with the tenant in advance to avoid a rush to find a new tenant. Copies of the lease were kept by both the couple and the tenant, ensuring that the signing date and lease term were double-checked.

A clause requiring renters insurance was also included in the lease. They explained that the landlord's insurance does not cover the tenant's personal belongings. Such a clause can significantly reduce disputes over liability later on.

They scheduled multiple showings to meet potential tenants in person. Meeting several applicants at once reduces the time spent on screening.

Arlington Heights consistently has demand from tenants commuting to Chicago. Including information about the distance to the Metra train station and school district in the ads can increase inquiries.

It's also a good idea to look for a local property management company to assist. This article aims to provide general information, and it is advisable to consult with a real estate professional or attorney before finalizing any agreements.