So we have several rentals, but all of them are managed by someone, so we never pay too much attention to the details. We thought we want to try to manage one of them ourselves - baby step here :) and the opportunity may present itself.
To make long story short, this property used to be for rental. The renter moved out, and we fixed a bunch of things, and we are trying to sell the property. We had a potential buyer, but just find out that they may not be as qualified as they said (long story here).
So if that does not work out, we will rent the property out. So we have been reading and having a crash course what to do when looking for tenants. Luckily this property is on a desired area but it seems that we may missed the summer window where everyone is buying houses. We had several individuals who called asking if we would rent it out instead of selling it.
So here is the question:
What is not entirely clear to me, is if we are required to choose tenants by first come first serve. Let's say person A, B, C had contacted us when the house is for sale. We said at this point we are not renting it out, but we told them we will keep their numbers in case things change in the future. We do not promise anything to anyone.
Lets say now we want to put the house back for rent. Are we required LEGALLY to contact A, B, C first and see if they qualified (fill out application, credit check etc)? Or can I put out an ad as well, and if we find person D to be qualified, we can get person D as tenant? I understand person A,B and C may not like it if they find out, but LEGALLY, do we cross the line here? My guess is no since no applications were filled, no paperwork, no promise,etc, but again, I am not completely clear on this. I may have over-thinking this.
Another un-related question, do you process applications simultaneously? or one by one until you find the person who qualify?