changing primary residence to a rental

[Jimmy Mozingo]

My wife and I are in contract to buy a house on the east coast. We own our home on the west coast. We want to turn our current primary residence into a rental. We bought our new house with seller financing for significantly less than our California home. I am reaching out to the BP community for any tips, advice, tax strategies, etc.

[Cameron Whitehead]

Hey Jimmy, not much to it! Make sure to hire a property management company or screen the tenants really well. The Property Management Company will give you an earnings report monthly and one at the end of the year that you would take to your CPA.