If you decide to maintain ownership of a Florida vacation property you inherited, then leasing could be a good option. This could help you use the home as an investment, either permanently or until you are ready to spend more time there yourself. However, you should make sure a few items are in order before proceeding.
First and foremost, you would want to make sure the property is habitable. As mentioned on FindLaw, tenants have federal rights to a safe, healthy home.
Your next concern would probably be ownership. You would want to check that the property transferred to you or your trust fully, and that you resolve any issues with financing, insurance or the title itself.
After that, you may want to check with your condominium or homeowners’ association, if applicable. Depending on the rules, you could have some restrictions on the type of leases you can make. While it is by no means universal, a common condominium association clause is a requirement for longer duration rentals only. Whether these types of clauses are legal or enforceable is often a matter that you could resolve at the municipal level or within the association itself.
After you know that renting is an option, you may want to set up an annual schedule. If you intend to rent long-term, this may not be as important, but it is essential if you want to lease seasonally. Identifying your target date for occupancy could help you work in reverse to set up schedules for preparing, listing and closing your rental deals.
Your final step is optional, but usually recommendable: finding an agent. Anyone involved in the real-estate business, such as lenders, landlords and even attorneys, should be able to help you find a reputable agent to help you prepare your property for market and locate tenants.
Managing inherited property is never easy, but it does not have to be stressful. With preparation and professionalism, it is relatively straightforward to rent property in even the most competitive markets — even from out-of-state.