7. Market your house for rent. Marketing your home for rent is just as important as it would be if you were selling your home. Great photos, a catchy listing description, and listing on popular rental platforms are key. Highlight what makes your house special: the fenced yard, updated kitchen, in-unit laundry, or proximity to public transit., Assess Your Situation: Understand your goals, evaluate your property, and decide between long-term and short-term rentals to suit your financial and personal needs. Prepare Your Property: Budget for necessary renovations, secure proper insurance, and set a competitive rent price based on market research., When you begin renting it out, your tax assessor puts the land value at $75,000 and the house value at $125,000. Thus, your depreciation expenses amount to $125,000 divided by 27.5 (the IRS definition of useful life span for residential real estate in years)., , , .