My house has not sold - should I take it off the market? Should I rent out my house? Let us assume that you listed your house for sale and  it hasn't sold and you had little or no offers.  At this point there are only two options: namely, reduce the price of the house by a good margin or take the house off the market. If you are not in a position to sell your house because of personal economc conditions, such as loosing a job or some other reason, you must decide whether you want to take much less an offer than you had expected. For some owners, this is not an option and they decide to take the property off the market. They do not want to "give it away." In this case and if it's your primary residence, you might want to keep it and wait for the market to change. If your house is vacant, another good option for some is to rent out the property. With this option, you will be collecting income to pay expenses and if you have a mortgage on the property, at least these expenses are being covered, depending on the amount of your mortgage loan. Another option is to offer a rent with option to buy clause. This approach will get you rent to cover expenses, and if you set a fair sale price, you could have your buyer. TIPS WHEN RENTING When deciding to rent your property, always do a credit and background check on the prospective tenant. Have your potential renter complete an application which includes employment history and income, references, social security number, and a photo copy of each tenants'  driver license whose name is on the lease. It is also recommended to have a fair rent amount. If you ask maximum rent you could have problems later.  Based on my years of experience in real estate, I would set the rent at al ittle below market. For instance, if three bedrooms apartment in your area are renting for $1,600. per month, rent it for $1,550.  The tenants will know they have a great deal and take care of the apartment. They may even stay long term and this is the best scenario. Landlords who make the mistake of asking for maximum rent usually have unhappy tenants who move out. When a tenant moves out you usually wind up losing another 2 or 3 months rent trying to find another, including repainting and repairs. I would also include a clause in the lease with a 30 day cancellation notice for you and the tenant. You can give a one year lease. The purpose of the cancellation notice is mostly for the landlord in that if your tenant  stops paying rent, you can give a 30 day notice to vacate. If you do not have this clause, you can sue and the tenant can pay the rent owned, satisfy the court, and then you still have the same tenant who  can stop paying again thus making you sue again. By Maury Jazzetti .         Website: http://www.betterlifestyles.com