Rental properties can be a great source of income that appreciates over time. According to data from the Census Bureau, there are about 48.2 million rental units in the United States. Individual investors own about a third of those units, including a large number of single-family and duplex rentals.

Before you dive into rental property investing, there are several items, costs and expenses, such as how much home insurance do you need or if you need renters insurance, to consider.

Dr. James Philpot, certified financial planner and associate professor of finance and general business at Missouri State University, offers some tips and advice for beginner rental property investors on MoneyGeek.