Ok, a vacationer has contacted you, you have spoken with them, and screened them to the best of your ability. You've agreed on dates and the guest wants to book it. Now what?

You want to protect both yourself and your renters. The ultimate way to achieve this type of protection is to put everything down in writing. Make sure you send your renter a copy of your rental rules, guidelines and billing confirmation. Of course, in this day and age you don't have to waste time snail mailing. It is fine to email the documents.

It's not recommended to the send the documents as email attachments, though. Not everyone uses compatible programs or applications. And most importantly, everyone is wary of opening attachments due to the potential for viruses. Instead, copy and paste the documents' text into the body of an email. Direct your renter to print and sign the documents. They can simply mail or fax the paperwork back to you with the deposit.

The hassle of making sure that you have signed documents in hand avoids potential headaches. Relying on appropriately signed documents deters the renter from vacillating between dates, which can cause accidental double bookings. This also helps you to avoid cancellations.

Regardless of a renter's situation or story, you should never accept any funds without a signed agreements. Without these forms signed, for instance, you cannot legally keep anyone's money if they cancel 2 days before their arrival date. Furthermore, you cannot keep damage deposits if your property is damaged.

What advice to you have about rental leases and contracts for other owners?

""Add a provision to the contract (in bold, just before the signature line) where the lessee testifies that he/she is of legal age to enter into a contract in the State/Commonwealth of (name)." -Michael, New Hampshire (VRBO #56623)

"If you have a last-minute booking get all of the money up-front. I had a booking only two weeks out so I told them they could just pay me when they arrived. I turned down two other inquiries and the renter ended up backing out the day the lease was to start. I lost out on $6,000 in rental income... my big mistake!" -Amy, Fort Myers, FL (VRBO #93239)

“We have a keypad on our front door and we change the code for each renter, we use the last 4 digits of their cell phones so they will always remember their key code to get into the front door.” -Ann, Fort Lauderdale, Florida (HomeAway #166913)