'I can’t even come to my home': Eviction battle leaves Texas landlord barred from rental home — and headed towards bankruptcy. How to protect your real estate assets during tenant disputes

Make sure you have a lease agreement that clearly outlines the amount due each month and what will happen if tenants don’t pay their rent on time (including grace periods and late fees). You may want to consult with a real estate lawyer to help you navigate landlord-tenant laws in your state.

You can also ask for a security deposit (due when the tenant signs the lease), which is typically equal to one or two month’s rent. Most states allow landlords to use the security deposit (or a portion of it) to cover unpaid rent, but the rules differ from state to state. This should be outlined in the lease.

If the tenant is late with their rent, reach out with a late rent notice. States have different rules around grace periods. In Texas, for example, landlords aren’t required to provide tenants with a grace period (unless they agree to do so in the lease).

If the tenant still doesn’t pay, you could follow up with a pay-or-quit notice in which you outline a specific time to pay the overdue rent — or move out. (Make sure you understand local and state laws around eviction procedures.)

If the tenant still fails to comply, you can file for eviction with your local court. If the eviction is successful, you may be able to sue for outstanding rent and associated costs.

While landlord insurance isn’t mandatory, it can help to cover financial losses if your tenant doesn’t pay their rent. However, if you have a mortgage on the property, you may be required by your lender to take out a landlord insurance policy.