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How to rent/lease airpark property

Weasel

Well Known Member
Interested in hearing input and advice on how a fella would go about renting or leasing houses and hangers on a personally owned property that has a runway in north Mississippi.

Currently I have a late model house with 2 very nice hangars and a 2400 ft runway on 45 acers, that we would like to pursue renting or leasing....might even sell it but that is outside of this discussion.

If I rent the house and some space in the hangar to someone, what precautions should be taken to ensure any casualty on the property would not become a liability? Can it be as simple as requiring a waiver to be signed?

Obviously a lawyer would consider it a for profit operation due to charging rent or at least I would think that...?



To get an idea few pics included. Also depending on how easy it could work out I would consider building additional housing and hangars for rent/lease.


When I ask around, most of the information available seems to be focused around forming a joint ownership of the property such as an airpark. This is not what I am pursuing at this point.

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Seems like this would be more of a question for your insurance company.

Getting someone to sign a waiver is pretty useless, because even though they waive their potential future claims against you, they aren't preventing their spouse, parent, kid, etc. from suing you in the future.

We own a property (non-aviation related) that I rent on VRBO when we're not there. I just gave State farm a heads up as to what I wanted to do with it and they said no problem, here's a policy to fit and here's how much the premium will be.
 
Waivers can not protect against negligence. If something is going to happen they're going to try and find someone else at fault.
 
I am not a lawyer, nor do I claim to be......

When I rented my T-Hangar from the city owned airport, they required that I obtained a specified insurance minimums and that the city be listed as a coinsured.

This doesn't stop litigation because you can sue anyone. Only a court will determine if you are truly liable. Having appropriate insurance is the only real way to mitigate risk to you and your estate.

The advantage of being listed as co-insured on your tenant's policies is that prevents subrogation.

If it were me, I would ensure that I had a good umbrella policy to catch anything your tenants insurance doesn't.

Like others have stated, these topics are probably best handled directly with your attorney and insurance agent. Advice on VAF, including mine, is worth exactly as much as you've paid for it.
 
+1
Talk with an attorney. He will likely suggest an LLC of some sort, to shield your other assets from lawsuits.
Insurance. $1M is not enough in today's environment.
 
I am a realtor in Connecticut and you need a good lease written up by an attorney. You need to clear the fact that your leasing the property with your insurance company, also require the person leasing it to carry renters insurance.

The laws in most states favor the renter not the landlord but a good lease is helpful in litigation although it won?t superscede most housing laws. Get as much deposit money and security as the law will allow and use a credit service to help you pick your renters if they haven?t paid their bills previously or ruined properties it?ll sometimes show up. However a lot of people will give them good references to get them out of their property. So really credit is the best indicator.

Sad truth is if someone has nothing and they damage your property it?s really tough to get anything in return. There are really god people out there so use you credit scores and your gut feeling to tell you what to do and what not to do just stay within your areas laws.
Local attorneys I?m
sure have written up leases for other landlords so they shouldn?t charge much it?s almost cut and paste with them these days.
 
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