Becoming a landlord may be less glamorous and exciting than the one-weekend-renovation often portrayed on TV shows, but in today's real estate market, becoming a landlord may very well be the new name of the game. 

The income potential provided by renting out a property can be immense and the fact that it is long-term, passive income is a huge draw to investors. 

According to the National Association of Realtors chief economist Lawrence Yun, "rents have been rising, hovering near six- or seven-year-high levels, and are seeing close to 3.5 percent growth from 12 months ago". There may not be a huge payday at the end of the day nor a feeling of satisfaction brought by knocking down a wall, but there is certainly a reliable stream of passive income that considering how much savings account and treasury bonds pay, can be pretty attractive to many investors. 

The scales of supply and demand are currently tipping in favor of landlords with few units available for rent and a low 7% vacancy rate reported during the first quarter of 2016. Add to that the increasing mobility seen amongst millennials who often relocate in search of new work and the rising number of citizens 65 and older, who have traditionally preferred to rent. 

If you decide to buy an investment property to rent out, keep in mind the following tips:

Location: Successful investors like investing in properties within a 30-minute drive from their home. Not only does this make it easier to perform and/or supervise repairs whenever they arise, but owning a property in the same town as you live means you have better knowledge of the market conditions. 

Look into tax implications. Consult with a tax adviser about what type of taxes you'll be liable for, from income tax to capital gains tax if and when you sell.

Account for unexpected costs. Once you purchase a property, it will take you some time to find a tenant and even once you do, it may be a few weeks before the tenant moves in, so it pays off to account for vacancy. Just as well you should account for maintenance and repairs. 

Screen your tenants. Goes without saying that before you give someone the keys to your property you should know well who you'll be renting to. Run a thorough criminal background check, eviction records search and ask for references.