Primary Residence Turned Rental

[Jaden Lowe]

Wondering what people’s personal experiences/thoughts are with turning their primary residence into a LT rental property! I know there’s emotional side to it seeing it’s a lot of people’s first home purchase. Me being one of them! I was hesitant to thinking of even touching my primary residence but the more I think about it I believe it’s a good bet: There are obviously risks in anything. But to think about the mortgage being paid for a few years by someone other than myself .. Not too sure why I wouldn’t cut one of my biggest expenses if possible! Thanks

[Amanda Janes]

I’d explore with a tax professional some of your options. 

Thought - if you turn it into a rental now, then if you ever sell in the future, you’ll have to pay capital gains.