Turning Primary Residence into Rental

[Adam Aschoff]

I have a unique situation. I purchased my first house outside of Boston and have a huge interest in starting a real estate business. I understand the 1 or 2% rule, 50% rule and am looking at how I can turn my house into a rental. With my family expanding we will need to look at upgrading our house but would like to turn this into a rental.

Now the numbers:

- our mortgage is $1,600 per month at 3.25%

- according to Zillow, we could rent for $2,400.

- I have some money set aside that I could pay down and refinance so our payments would be smaller

- Selling the property would recoup little, if any, money potentially even lose $

I am looking for some insight so any information you can give me would be greatly appreciated!