Converting Primary Residence into My First Rental Property!

[James Mason]

First posting!

I am about to convert my primary residence into a rental property (I had lived there for three years, so no issues there). I have been reading articles all day, and I am having trouble figuring out the best way to proceed. Here's what I think I have learned to be true: 

*I must call my homeowners insurance and convert my policy to a landlord policy. Not doing so would be very stupid and dangerous. However, landlord insurance tends to be a bit higher, potentially cutting into the cash flow.

*Since I have occupied the house for more than 2 years, the conventional mortgage loan that is in place is fine as is.

*There may be some significant tax benefits for me. I should find a CPA with expertise in rental properties.

Are all of these things correct?

If so, the real question I have is how should I proceed?

My mind is swirling with the possibilities. Perhaps I should refinance the home (my current interest rate is at 3.9%)...perhaps this would mitigate cash flow losses due to higher "landlord" insurance. I plan to hold on to this property for at least 5-10 years.

What would the order of events be and does that matter? Change insurance first, then look at possible re-fi, etc.? Is it too early to consider creating an LLC?

One thing that I think a lot of folks might relate to is this question: Is this something I should handle myself, or should I consult with an expert? In other words, should I just call my insurance and change it to a landlord policy? Should I shop rates? If I wanted help in this situation, who would I hire or consult to optimize the process? 

Big thanks in advance for any thoughts you have to share.