converting primary residence to a rental

[Diane Stinebaugh]

Hi everybody!

I'm a newbie investor, just bought my first rental in February.  I am now dreaming and scheming about my next property.  here are my questions....My primary residence would make a great rental property.  There are a couple of  rentals on my street and they are never, never ever vacant.

1.  Do I have to change the loan if I rent the house out?

2.  repainting and carpeting the primary turned rental would be a business expense? 

3.  Would you suggest buying another single family to move into or a nice duplex that would hold my family in one side and "house hack" a couple of years?  

4. If I went the duplex route, could it be in an LLC while we live there?

that's all the questions I have for now....I know I'll think of more.

thanks!

Diane

[Diane Stinebaugh]

thanks, @Moe Ahmed,  I actually  don't want to improve my lifestyle right now.  I want to improve my cash flow and increase property.  And yes, I have thought about buying a duplex and renting both sides, but I think I could get a nicer, bigger duplex by moving in for 2 years.  Just kicking around ideas.