When I moved out of a duplex a few years ago, I learned a few valuable lessons about renting a property. Lessons that I had to learn the hard way. So I'd like to pass along some advice.

First and foremost, get a copy of your lease and understand everything that you agree to follow in that lease. If there is a clause in there that you don't understand, you need to ask. Don't ever assume that a rule in your lease means one thing because it may mean something completely different. And if you don't like the terms of the agreement, don't sign.

As soon as you move in, go through your new place and document every single ding, hole, stain, scratch and blemish to each room. Note if there are blinds and their condition. Do the windows have screens and if so, do they have holes? Test every appliance; turn on each stove burner, try the heat and air conditioning, run the washer and dryer. As soon as you've done this, provide your landlord or management company with a detailed list and make sure you keep a copy for yourself. Taking pictures with a time/date stamp is a good idea too.

This may seem tedious and unnecessary, however, when you go to move out two years or more later, you'll have a record of what the apartment looked like when you moved in. The list helps safeguard both you and your landlord in the event there is a dispute about the condition of the property when you move out.

Having renter's insurance is a necessity. For the minimal cost, usually less than $300, being able to replace your belongings in case of fire or theft is a invaluable. It's a small price to pay for the peace of mind that you've covered if something, heaven forbid, happens.