Converting primary residence to rental

[Adam Sieg]

I'm curious if anyone has any thoughts on this.  I believe I once heard in an interview that Grant Cardone doesn't own his primary residence, he actually rents it from his business entity.  Is this actually a thing?  Are there any potential benefits to having your Holding Company rent you your primary residence?  Just curious.

[Paul Camuto]

Converting your primary residence to a rental for you to live in and pay rent to yourself? Sounds unnecessarily complicated for I don't know what reason. Are you looking to convert it into a rental for a tenant? Do you own any other rental properties? Converting your primary home to a rental for someone else to live in is a great idea but then you need to find a place to live. 

If you are looking to do it for the tax benefits you can essentially get the same results if you are using your home to run your business. You can deed your property to an LLC without "renting" it to yourself. The main benefit of buying a primary home and then using it for a rental is that you get the primary loan financing benefits that you wouldn't get on a rental property.

Focus on growing your investment properties for cash flow.