My general response is, "OK, if you feel that you can wait out this downturn and are willing to bet on a robust recovery of your equity, go ahead and look into it." It might make sense to rent your property out. As always, doing your homework up front will save you headaches down the road.

With commercial properties, your first call should be to a professional commercial real estate agent — specializing in leasing as well as sales (perhaps even more so). If you are considering a single-family detached residential home, it's a bit of a "wild west" thing — no clear rules or restrictions other than municipal zoning issues. Again, I would recommend a licensed agent who knows the best and updated lease paperwork.

Renting a townhome or condominium is a whole 'nother animal, though.

While townhomes and condominiums make excellent potential rentals (due to a lower rent amount and less maintenance for the tenants), most townhome/condo associations take a dim view towards rentals. To learn more about the situation with homeowner associations, I sat down with Frank Levanti, vice president of Select Property Association Management. Select's management team overseas nearly 50 communities throughout Central Pennsylvania. Frank knows a thing or two about the interplay between association boards and their owners.

"Associations, generally, are not enthusiastic when it comes to rentals in their communities" Levanti said. "Most put restrictions on the process of using a unit for rental, and some go so far as to prohibit them. An owner looking to rent really needs to contact the association and get the full story before advertising the property or showing it to prospective tenants."

Going through a property management company is a good option, if they are connected with professional agents who can list the property effectively with the whole "Craigslist effect." Select's managers are in close touch with the communities they manage and often know first when the rental signs go up (or the owner's going into foreclosure, for that matter). They can be a great resource to an owner looking to go the rental route within the community.

In this challenging real estate market, renting looks more attractive than ever. Wherever your property is located, be sure to take the first steps to protect yourself, your investment and your tenants.

Jeff Geoghan is vice president of marketing and communications for Coldwell Banker Select Professionals and Select Services, based in Lancaster City, with 10 offices in eight Central Pennsylvania counties. Jeff lives in East Petersburg where he also serves as mayor. Jeff has been actively involved in local government and business and has been used as a source by local, regional and national publications.


Editor's note: This item was modified from its previous version to correct the spelling of Frank Levanti and to make other additions throughout.