If you're having trouble selling your home in the current housing slump, it might make more sense to lease it instead and open up extra tax breaks.

But not everyone has the financial reserves, time, expertise or disposition to do it right.

"It's not as simple as just setting out a 'for rent' sign," said Stephen Phillips, who owns rental properties in Phoenix and San Diego. "You need a tolerance for calls at 10:30 at night."

It's critical to learn about landlord-tenant laws and credit checks for applicants, and to develop a network of handymen, plumbers, and the like.

Jeff Young, a Scottsdale, Ariz., investment adviser and rental unit owner, cautions prospective landlords not to assume they'll earn a positive cash flow. "Rents aren't necessarily going to pay all the bills, even if you made a 20 percent down payment," he said. "You'll have to count on the tax benefits, and you'll need time."

Mortgage-interest and property-tax expenses can be deducted on a rental property, just as on your residence. But landlords also can write off many costs for repairs, maintenance and property managers and take a deduction for depreciation.

"Think of it as a small business," said Jim Darling, a certified public accountant in Tempe, Ariz. "Everything you spend is deductible, one way or another."

If you sell a rental property, you can defer capital-gain taxes by switching to another property. When homeowners sell, they can exclude up to $250,000 in profits ($500,000 for couples) on a primary residence without having to reinvest in real estate. But renting out your former primary residence could wipe out that $250,000 or $500,000 tax break. Also, landlords can deduct a loss on rentals they later sell for less than they paid; homeowners can't, even if they later rent out that primary residence.