You've worked hard to build your wealth; now it's time to start laying the groundwork for putting it to work for you instead. One of the best and most effective ways to build and maintain long-term wealth is through assets like real estate, often focusing on rental properties as a source of passive income. If you're ready to leverage real estate investment strategies for a more financially secure future, here's what you should know to get started.

Being a landlord can be a terrific way to create passive income and build your wealth. As with all lucrative work, however, it's important to be prepared for the responsibilities that come with owning rental properties. You may want to consider hiring a property manager or a CPA - or both - if you don't have the time or expertise to be a hands-on landlord and manage the properties yourself. You’ll need to decide what works for you before making a decision about which landlord style is best: hands-on or hiring a property manager.

Rental properties can be a fantastic way to create wealth with passive income. However, taking on the role of landlord has its complexities. It can be time-consuming and stressful at times, like any other business, and will occasionally require you to deal with unexpected challenges, such as uncooperative tenants.  As with any new business venture, it’s important to be prepared before you get started with renting out your space. Here’s some ideas on how to be a successful landlord. Do you think you have what it takes?