Turning Primary Residence to Rental
Hello, I’m considering turning my primary residence into a rental and moving out of state. It’s a 3000 sf 5 bed 3.5 bath new build (2022) with really nice finishes. We bought at the peak of the market in 22, and can’t stomach the loss in equity + paying an agent to sell. Our plan is to hold the house 5 years + until the market comes back, or possibly just holding it long term.
I'm considering either the STR or LTR strategy, but haven't quite decided which would be better / less of a headache.
Mortgage is roughly 3250 and I think we could rent for 3450 to 3600. Not sure on how much I could airbnb it. We're located in Buda which is a bit outside of Austin, but still only about 20 mins from downtown, so I think there's still good STR possibilities.
Im curious if anyone has any advice or things to keep in mind when doing something like this as it will be our first rental. Curious if anyone here has gone through something similar and could share their thoughts / advice.