I rent out my primary residence -- what should I do now??

[Bryenne Korte]

Hi All -- I lived in my single family home (which I have an FHA loan) for two years before I started renting it out to tenants. I've now owned the home for three years, and have had almost a year of rental income. I live with my boyfriend, so I don't have and won't need a second mortgage. According to the lender, this home is still my "primary residence" (although I did quitclaim the property to an LLP for protection, does that change anything?) I am now trying to get into investing full time, and would like to use the equity in this property to fund my first deal. My questions are...

- Should I change the "status" of this property with the bank from my primary residence to an investment property? Is there a name for that?

- Are there benefits of doing that (as a new investor)? 

Thanks!!