Converting Primary Residence into Rental Property

[Daniel Lopez]

Can anyone share their experience on converting a single family primary residence into a rental property? I’m going to be moving out of state and want to keep my property but I’m unsure on all the changes that need to be done before it’s legally ready to rent out i.e home insurance, declaring to the state, etc.

[Brandon Sturgill]

1- It's customary to have a "landlord policy"...I use Allstate and after group discounts it's only $46/mo with state minimum coverage...property is valued at $145k. There may be additional requirements or products your agent can offer...I just tack on policies as I acquire properties. If you're renovating, you may need a builders risk policy. And you can always require your renters to carry renters insurance.

2- Landlord tenant law is state-specific, so you would need to research codes or reach out to the state real estate authority or your local metropolitan housing authority (MHA)....they are usually a good resource.

You would need to check with your county auditor to see if there is a requirement for a "rental registry"...this is county specific...or could be related to city ordinance as well.

@Daniel Lopez