Best steps to convert inlaws home into a rental

[John Franklin]

In 2020, my wife and I put the down payment and are the Title holders on my in-laws home near us. There is discussions of them potentially moving and was wondering what the best steps are to convert it into a rental from a title / LLC or whatever guidance. We rented out a home in Oklahoma back in the day and never took it out of our name, but in this day and age never know.

Thanks for any assistance or insight.