Q:We are under offer and abpout to exchange on our house but have pulled out of buying the house we had planned to buy. As we have struggled for a year to sell our house (fallen through twice) we are going to sell and go in to rented whle we keep looking. It was the last thing we wanted but really we have no choice.

A friend has a house she is struggling to sell since about last summer. It wouldn't suit us long-term but may suit as a rental. I am thinking of approaching her to see if she would want to rent it out. It was her mother's so I assume no mortgage to pay but she may feel that at least she would be getting something back from it.

Before I approach her can anyone tell me whether renting privately, not through an agent, is a good idea or not both for the owner and the renter? Never having rented before I don't really know what to expect.

I would want to have a legal document of some sort which would give both sides protection. How could we work out what a fair rent would be? Anything else I should be thinking of? Of course, she may not be interested at all but I'd like to know if there are any pitfalls before I approach her.

Thanks for any help.

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Avoiding the Pitfalls of Forex Trading
A:Make sure that you very clearly define rent, responsibilities etc. There are so many things that could cause you to fall out if you don't do this and something happens which needs repairing. I'd also include a good inventory of items on the property (if there are any) and take photos of all the rooms so that any damage can be clearly shown to be present already (or indeed your responsibility!).

Sounds like a pain, but doing this up front could stop you falling out with your friend in the longer term!!!

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The 53 Biggest Self-Publishing Pitfalls and How to Avoid Them
A:You've nothing to lose – suggest a standard short-hold tenancy and get it drawn up by a solicitor. I wouldn't really want to just move in on an ad-hoc basis because there's potential for misunderstandings and you don't want to risk falling out.

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