I've seen it happen over and over. Someone buys a rental property, finds a tenant, and thinks they're set. Then reality hits.

Here are the 5 most expensive mistakes new landlords make:

1. Using a generic lease from Google

Every state has different landlord-tenant laws. A lease that works in Texas can get you sued in California. Budget $300-500 for a local attorney to review yours. It'll save you 10x that.

2. Not switching from homeowner's to landlord insurance

Your regular policy does NOT cover rental activity. If a tenant gets hurt and you have the wrong insurance, you're paying out of pocket. Make the switch before your first tenant moves in.

3. Inconsistent tenant screening

You have to apply the same criteria to every applicant. No exceptions. One discrimination complaint can cost you $50,000+ in legal fees, even if you win.

4. Mishandling the security deposit

Most states require you to hold it in a separate account. Many require you to pay interest on it. Mess this up and you might owe the tenant 2-3x the deposit back.

5. No move-in documentation

If you don't photograph everything and have the tenant sign a condition report, you have zero leverage when they move out and the place is trashed.

I built a comprehensive checklist that covers all of this — legal setup, lease essentials, maintenance schedules, move-in/move-out procedures. Everything a first-time landlord needs in one document.