Rental Property: Buying Rental Property Out Of State

Added February 20, 2009 by Ilyce R. Glink

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Summary: Check out all the laws and requirements if you're buying rental property out of state. Owning rental property out of state can be a good investment, but just make sure you have a list of rules and requirements. Owning rental property out of state means you won't always be able to get to your investment property if something goes wrong.

Q: We are purchasing rental properties in Arizona, and we live out of state. I was told by a real estate lady, that anyone who owns rental property within the state, while living out of the state, is required to have a management company manage the rentals. Do you know if this is true? If you do not know, do you know where I find the correct info out? Thanks for you time.

A: I have no idea is having a local address is a requirement to owning rental property in Arizona. If that's true, it would make it unique among states. I have never heard of this requirement before.

But don't just take this real estate agent's advice. Check it out. Call the Arizona department of Real Estate and ask for a list of rules and requirements of landlords. Also, call the local municipality in which your property would be located and ask for the same thing.

Jan. 1, 2004.

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