A duplex is a smart way to diversify a long-term investment portfolio. You've got to closely monitor operating expenses and capital improvements. There are legal issues to consider. A lease isn't difficult to create, but you've got to do it right. And making sure that your renter's are covered by renter's insurance can also help stave off potential lawsuits.
Landlords are responsible for protecting their tenants from certain environmental hazards.
For example, if there is lead paint on the premises, the landlord must provide all tenants with a disclosure form.