Becoming a landlord can be an enjoyable experience or a nightmare. There will be demands upon your time. There will be some stress as you deal with tenants and plumbers and the like. There will be paper work. It all depends on your skills and the time requirements that landlord may impose upon you.

On the other hand you can hire a professional property manager to handle these matters for you. In some cases a good manager can increase the income flow enough to cover the management company's expenses, but you will still have to oversee the manager and be ready to deal with his or her shortcomings or mistakes.

Before, you take the plunge, it might be wise to talk with others who have experience in this field. Ask your real estate professional who he or she might recommend.

Here are 6 leasing tips you can use:

1. When you have a vacancy, post a notice (flyer) on the door of the unit, giving complete details regarding rooms, any furnishing, rental and security deposit amount, pets, credit check fees, lease term, etc. This will eliminate unneeded phone calls to you and people not arriving for a  showing.

2. Rapid turnover is the enemy of steady cash flow. Keep you turnover rate at a minimum by requiring a full year's lease on new tenants.

3. You lease should specify the number of people who will be living in each unit. An excess of people in one unit can be costly and harmful to the unit.

4. Know the laws on security deposits, how much you can charge, whether or not you must pay interest on the deposit and when the deposit must be refunded.

5. Late payment penalties (within limits of local law) are appropriate and should be written into the lease agreements. They should be enforced, unless you choose to waive them on special circumstances.

6. Some minor expenses can build good will and keep repair costs down. Give the tenants "maintenance kits" - toilet plunger, drain cleaner, carpet spot remover, screw driver, lubricating oil, kitchen and bath cleanser, window wash. Encourage their use and your repairs will be kept at a minimum.