Suggestions and ideas for primary residence

[Anthony Colachicco]

Looking for some feedback and suggestions on what to do. 
My wife and I had help from her father with a down payment on our first home (primary residence) 3 years ago. He basically made us do a 15yr mortgage and we got a 2.1% rate. We now have $150k in equity and would like to move across the state. We’d love to just keep this home as our first rental property but feel stuck with the high monthly payment due to the 15yr mortgage and the home needing some renovations in the next few years. 
Any thoughts on what to do and the smartest way for us to start doing some investing from this? Thanks 

[Chris Seveney]

Quote from @Anthony Colachicco:

Looking for some feedback and suggestions on what to do. 
My wife and I had help from her father with a down payment on our first home (primary residence) 3 years ago. He basically made us do a 15yr mortgage and we got a 2.1% rate. We now have $150k in equity and would like to move across the state. We’d love to just keep this home as our first rental property but feel stuck with the high monthly payment due to the 15yr mortgage and the home needing some renovations in the next few years. 
Any thoughts on what to do and the smartest way for us to start doing some investing from this? Thanks

Have you ran the numbers based on a 30 year rate? You are going to 3x your interest rate so more than likely your payment will go up so what you have right now is probably the most affordable and any more borrowing will just increase your payment. There does not appear to be any way to reduce your expenses. The question also to consider is can you rent it, and can it rent for more than what you are paying right now?