NEW YORK (MONEY Magazine) - Thinking about becoming a landlord? Review this checklist of essentials before you go ahead and take the plunge

1. Set up a single-person limited-liability corporation, or LLC. That way, if someone is injured on one of your properties, the corporation becomes the legal target and your personal assets will be shielded from any claims.

2. Get a real estate license. Yes, there's a course you have to take, and a test and some fees. But if you intend to become an active real estate investor, full access to the industry's multiple-listing service can be invaluable. It'll help you scout for new properties and get a better sense of market rents in neighborhoods where you're looking.

An added plus: When it comes time to sell, you won't have to pay someone else the whole 6 percent broker's commission.

3. Line up bids from several general contractors, and hire a good inspector before you buy. There's nothing worse than discovering that a roof has to be replaced instead of just patched.

4. Hire an experienced accountant. The tax breaks for real estate investors can be numerous and generous, but they are also devilishly complicated.

5. Check out your financing options -- rates, down payments and so on -- before you begin any property search. You'll need to know up front how much you can afford and how much rent the property will need to produce to make the deal work.