Having rental property is a common way for many people to generate additional income. You may find yourself interested in this type of venture due to recently inheriting property or due to purchasing property specifically as a rental. While excited about your new income avenue, you likely also know that acting as a rental property owner and landlord will involve a considerable amount of work.
In addition to making sure your tenants stay happy with the property, you also have financial obligations relating to your rental income. While it may seem like more of a passive way to earn extra money as opposed to another full-time job you may have, you still need to take care of paying taxes on the rent payments you receive.