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Owning a rental property can be a wise investment, as it’s a long-term source of passive income. Often times, though, there are a lot more moving parts than people realize. If you’re vacating your home and have decided to turn it into a rental property (or if you wish to buy a home and immediately rent it out), here are seven things you need to know first.

Talk to five different people about buying vs renting and you're bound to get five different opinions. Buying is a big commitment, but it's also an investment — which is something to consider. Meanwhile, renting is more low-maintenance, but your money essentially disappears each month, right?