If you have a spare room, a vacant beach cottage or mountain chalet, the promise of potential rental income is alluring.

However, before listing the property or trying to mix things up, you need to know your local regulations to avoid legal issues, and you should think about insurance protection in case of damages.

In addition, you must consider how you will manage the cleaning and maintenance of the property so your guests can enjoy their vacation in a presentable and functional environment.

For a high level overview, read The Homeowner’s Guide to Vacation Rentals by Susan Johnston as published by U.S. News & World Report.

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