Many people consider owning and renting their real estate to tenants to obtain additional income streams and long-term investment. This is a great idea if it works out as planned.
However, both residential and commercial landlords assume significant risk and liability when they enter into leases tenants. For residential landlords, these issues are even more complex and technical given the Oregon’s Residential Landlord and Tenant Act (ORLTA). ORLTA’s provisions are set forth in Oregon Revised Statutes (ORS), Chp. 90 here: https://www.oregonlegislature.gov/bills_laws/ors/ors090.html
ORLTA governs most issues related to residential leases in Oregon, which are numerous, complex, and can cause significant expense to a landlord in the form of adverse attorney’s fees and multiplied damages if the landlord runs afoul of the law. In addition, ORS Chp. 105 governs residential evictions and sets forth the legal process a residential landlord must comply with to regain legal possession of her property. You can find more information on Oregon evictions here: https://www.oregonlegislature.gov/bills_laws/ors/ors105.html and https://www.courts.oregon.gov/forms/Pages/landlord-tenant.aspx
Commercial landlords must understand contract law and ensure their contracts are legally sufficient and protect them. My first piece of advice to “want to be” residential or commercial landlords is to self-educate by using resources such as the Oregon Rental Housing Association here: https://oregonrentalhousing.com/ and by seeking a qualified attorney to assist you in consulting and drafting related lease agreements and other legal documents needed as part of your process before you begin renting any property. An ounce of prevention is well worth your time and money.
Property Law and Oregon’s Landlord/Tenant Act is complex. Therefore, get the assistance you need to ensure you are aware of your legal options and risks in your particular legal situation.