We all know that there is no such thing as easy money, especially when the business of making it depends on market forces.

This becomes particularly true in the case of residential property investment which, despite all the hype, can involve an awful lot more than simply calling round to pick up a fat envelope of rent money on the first Monday of every month.

The additional responsibilities attached to being a landlord or landlady (complete with "buy-to-let" mortgage) became clearer than ever earlier this year, when the Government published its landmark Residential Tenancies Bill 2003, a piece of legislation designed principally to codify tenants' rights and offer them some security of tenure.

The bill applies to almost any residential property that has been let, as long as it is a structure permanently fixed to the ground. There are a few exceptions however, including business premises and local authority housing. Holiday homes are also excluded, as are properties where the landlord shares the residential space with their tenant.

The central theme of the Bill, which has not yet become law, is the protection of tenants' rights.

Ms Miriam Delaney, a partner with solicitors Vincent & Beatty summarises landlords' obligations in this regard under four headings: the need to allow tenants peaceful and exclusive occupation, the obligation to carry out structural repairs on the property, the need to maintain the interior and fittings in the same condition as when the tenancy began and, finally, the requirement to return the security deposit at the end of the relationship provided the tenant has not defaulted on his or her own obligations.

Ms Delaney acknowledges that there is nothing new in these requirements but goes on to point out that the failure to meet them can now give rise to particular consequences.

Where a landlord has not carried out necessary repairs for example, the tenant has the right to organise them him or herself and then bill the landlord for the costs involved.

And if a tenant brings a dispute with the landlord before the Tenancies Board, the landlord is prevented by law from later penalising their tenant for the hassle involved.

The Tenancies Board will play a key role in the new system, with all landlords obliged to register, for a fee, with the body. The information involved in this will include the landlord's PPS number, rent details and the number of people in the dwelling. Tenants' PPS numbers must also be registered.

From a practical perspective, one of the most important aspects of the rules will be the security of tenure they offer to the tenant. A tenant who, for example, has lived in a rented house for six months without receiving notice of termination from the landlord will be permitted to stay in the property for a further three years and six months, thus automatically bringing their rental term up to four years.

At the end of this period, the process will repeat itself for another four years, but, happily for the landlord, the rent can be reviewed each year, or more often if the property has been upgraded.

Ms Delaney warns that landlords should be particularly careful where their property is occupied by multiple tenants. "Once one tenant becomes entitled to remain on in occupation of the dwelling then all the other tenants in occupation of the dwelling benefit from the protection of the tenancy." This means, for example, that even new tenants will be protected by the rules as long as another tenant has been there for six months.

The Bill also sets out some key principles on the area of termination, with landlords hoping to rid themselves of tenants now needing to do so in a formal manner. They must, for example, serve notice of at least 28 days before the end of the first six-month term, or before the expiration of the four-year period.

The landlord must also cite the reason for the termination, and can pick from six grounds listed within the Bill. A whimsical desire to shove tenants on to the street will not be acceptable.