Steps to Turn Primary into Rental

[John Campbell]

My current primary was purchased in 2018 with a conventional loan. My intent is to convert my primary into a long term rental. I'm curious as to the strategies that are recommended to ensure I've covered all my bases in the process. I have a management company that is local for day-day management. I am able to obtain landlord insurance. Do I create an LLC to own the property and use a quit claim deed to transfer ownership? Do I include my mortgage company in that process? Looking for efficient ways to hold title while maintaining recommended safety nets as well as any other recommendations regarding LLCs/Trust/estate planning tips. Thank you for all of your insight!

[Andrew B.]

Dont waste your money with an LLC. It wont give you the protection you think. You're better off spending your money on an umbrella insurance policy and spending lots of time learning about your rights and liabilities as a landlord.