Owning rental property is a time-tested way for investors to consistently earn passive income. For most first-time investors, that means buying a single- or multi-family home and charging tenants a monthly rent.

But owning a rental property involves more than finding a tenant and cashing a rent check every month. Landlords have responsibilities and legal obligations you must follow. You also want to make a smart purchase from the start that will give you the best return on your investment.

Here’s a quick guide to buying a rental property as a first-time rental property investor.