Here are 7 questions for landlords-to-be

But you own your house and aren't sure you want to sell. You may return in a few years, or may want one of your grown kids to nest there someday.

So you decide to hang out a for-lease sign. Just ask enough rent to exceed your house payment and you're on your way. You can't lose, can you?

Yes, you can. Before you become a landlord -- especially the absentee variety -- make sure you can get the right answers to these questions:

-- Do the numbers add up? Determine what fair-market rent is in the area through for-rent ads or rental agencies. Then add up the home's fixed costs (mortgage, taxes, insurance, maintenance expenses) the renter won't be required to pay and add in a buffer for a contingency fund. Will the difference between the two sums make it worth your effort?

-- Do you know your state's landlord-tenant laws? Study landlord-tenant rights and duties in your state. They vary.

-- Can you legally rent? In the case of condominiums, it's best to check with the condo association or board to make sure you can lease out the place on the up and up. Also, some zoning restrictions and neighborhood associations near universities may limit conversion of single-family homes into rentals for college students.

-- Is your location desirable? The most successful rental homes are generally near good schools and shopping centers, but not too close to other rental properties.

-- What are the tax consequences? In most cases, you can sell your house up to three years after not occupying it and still pocket a capital-gains tax exemption. You can also take depreciation when you're renting it and even write off some travel expenses for site visits. Contact a financial expert for the details.

-- Will you be returning? Be clear about limitations or rent-credits for painting, wallpapering, draperies, blinds and other physical changes. Be honest with the tenant if you plan to reoccupy at a specific point. A surprise eviction may spur tenant retaliation.

-- Who's minding the home front? Someone you trust must be prepared to show the house, make periodic checks and minor repairs, give notice when rent isn't paid and even appear in court if necessary. If you can't do this, find someone reliable who can.

Did you get satisfactory answers to these questions? If so, it's time to find a renter.

"The one big mistake mom-and-pop type landlords make is not running a credit report or checking references of all tenants," says Champaign, Ill., investor and Realtor Randy Hughes. "If you get what we call a professional tenant in there, they can spend two to six months in your house without making a payment."

Such deadbeats usually plead a plausible case to landlords, who will often let them move in without a deposit. Or they may proffer a first-month rent check that bounces, usually after taking occupancy. "Then it's pure hell to get them out once they're in," Hughes says.

Be tough with the tenants up front. Screen them thoroughly, make it clear what's expected of them in their rental contracts and clear their checks first, say seasoned landlords.

Finding a good renter isn't easy, especially with so many first-time buyers entering homes in recent years due to relaxed lending standards, say landlords. "There are simply fewer quality tenants in the market," says Hughes, who has been a landlord for 30 years. "Everybody with a heartbeat and decent credit has already bought a home."

This week, long-term rates slipped southward as it dawned on bond investors that the Federal Reserve really, really is going to keep short-term rates steady until well into next year.

The benchmark 30-year fixed-rate mortgage fell 10 basis points to 5.94 percent, according to the bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.21 discount and origination points. One year ago, the mortgage index was 6.16 percent.

The 15-year fixed-rate mortgage fell 9 basis points to 5.25 percent. The one-year adjustable-rate mortgage fell 4 basis points to 3.97 percent.