Do I have to pay tax on income from rented property?

Q. The income from my rented property is less than the mortgage I am paying on that property. Do I have to pay tax on the rental income?
UK laws please.

A. You won't have to pay tax on it, but you will have to declare it. Get an accountant to sort your finances out.

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Tennessee: What is the requirement for a landlord to enter rented property?

Q. I recently began renting a property in Tennessee. When I walk in, my landlord is there, painting, or doing some other kind of repair. What are my rights, and what can I do to prevent him from just entering at his own will?

A. Basically, a landlord is only authorized to enter your rental property without asking permission when he/she feels his property is in jeopardy. (the tenant downstairs has water coming through her ceiling...he could enter your apartment to find the source of the leak, etc.) If he intends to paint, or do a repair which is not causing damage to his property, he is supposed to tell you of his intent ahead of time....
You can go to www.ohmyapartment.com and click on the right hand column ("Renter's resources"), There are many landlord/tenant answers there~ In the intrim, I think I would tell him that you would prefer that he let you know ahead of time when he needs to enter your apartment (for non-emergency stuff) and that it makes you nervous to come home and find someone there...

Original Question

Is it wise to buy rental property to make income when you yourself still rent an apartment?

Q. Me and my fiancée rent an apartment. We want to get into owning and renting property. Have found some good deals that we could buy then turn around and rent them out. (Not places we would want to live in for space reasons) Is this a good idea to do while we are still renting ourselves?

A. If you screw it up they can't come and take your house. If you are looking at it as a business then I don't see why not. May people spend thousands of dollars investing in something for a return over time. I guess it's no different than buying a lawn tractor and mowing lawns. It is beneficial to know a bit about home ownership before you rent a home to tenants. You aren't going to have the apartment manager to call if something is broken.

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What is the average insurance to run a home day care in San Diego, Ca? What about on rented property?

Q. I know that opening a daycare on someone else's property is a liability, but possible. Is there extra insurance needed? Do you talk with your landlord prior to renting the property? My father owns an apartment complex, and he said 'No way Jose' if one of his tenants would come to him with this proposition.

How much is the average home day care insurance in San Diego, Ca?
Thanks!

A. Probably tons of insurance. You also need to check for zoning regulations!!

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