The 160-page guide is available free to the public through ARLA member letting agents.
It contains advice on going about finding the right rental property, the right buy to let mortgage, the right letting agent and the right tenant.
There are sections on the current state of the buy to let market and new opportunities to invest such as where local authorities are the contracted tenant. Although SIPPs are also a new opportunity for some, the guide deconstructs much of the hype surrounding these personal pension plans.
"This annual guide gives all the information that is needed to begin making informed decisions about buy to let investment and it comes for free,"
pointed out Adrian Turner, Chief Executive of ARLA. "It is important that the public understands that there is so much detailed professional advice available and that there is no reason to pay for expensive "Become a Property Millionaire Overnight" type of seminars."
This warning is especially relevant since the DTI took action in the High Court earlier this year to wind up a string of quasi-advisory and investment services.
The ARLA/CML guide also contains details of current market conditions and current rates of return on property investments, whether bought outright or with gearing from a mortgage. It gives a view of the mortgage market both from the lenders and the mortgage broker's perspective.
Common questions that are answered include what happens when a landlord changes the locks and puts the tenant's possessions out on the street. The guide's experts point out that not only are the actions illegal but punitive damages have been awarded in such cases.
Other questions deal with property investment clubs, PICs, inventories and deposits and some more unusual points such as when should ex-wives be on your tenancy agreement.
Details of the Tenancy Deposit Scheme and the urgent need for all buy to let landlords to understand the implications of the forthcoming legislation covering deposits are explored, along with safeguarding landlords' rents and tenants' deposits and insurance obligations. There is also a comprehensive
legal outline for buy to let investors, whether they are experienced or new to the market.
The guide also looks at how to prepare rental property for the market, from the kitchen to the bathroom and the attic to the garden.
"Buy to let has done a lot to improve standards in the private rented sector. This has made it a very competitive market," commented Adrian Turner. "So, as well as getting the finance and the paperwork right, it is very important to follow some of the tips about preparing rental property to let."
