Transforming Primary to rental property

[Greg DeFeyter]

Happy new years eve!

I am looking to turn my primary residence into a rental property while i live at my brothers house. I am curious what steps I will need to take in order to make this process seamless. I live in Phoenix Arizona and would love some experienced opinions and advice on possible pitfalls to avoid. 

Do I need an LLC?

What companies do you use to screen tenants or would you suggest to do it your self?

Who will I need to notify? (Mortgage, taxes, insurance, ect.)

What appliances do you suggest to leave?

Furnished V.S. Non furnished?

Thank you for the assistance in this daunting transition!

- Greg DeFeyter

[Ryan Swan]

> You do not need to form an LCC when just starting out. Just have good insurance.

> You can use Transunion SmartMove for basic screening

> You will need to notify your insurance company. You also should check out the rental property tax matrix on the AZDOR website to see if you are liable to collect and remit privilege taxes (depends on how many rentals you have and which cities they are in). Better to not notify your lender and just make sure you are set up for e-statements and autopay on the mortgage. 

> Standard rental should have: fridge, dishwasher, stove, microwave (if built in), disposal. Nicer rentals usually include the washer/dryer as well. 

> Definitely rent it unfurnished unless you are doing a short term rental. 

Source: I've been a landlord for going on 17 years across multiple property types and cities around town.