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Updated over 5 years ago on . Most recent reply

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Rahul Jayaram
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Converting a primary residence SFH into a rental within an LLC

Rahul Jayaram
Posted

Hello to all you experienced investors, thank you in advance for your positive responses.
If one had a SFH as a primary residence under mortgage still and decided to put it into a single-member LLC and rent it out while buying a new primary residence elsewhere, how could the following topics work?

1) how does one file the quitclaim template once you have found it online and filled in it?

2) Does one need to let their current mortgage bank know that this is moving to the LLC?

3) Is one only allowed 1 homestead exemption nationally? Does one need to let the county office know that the home is no longer the primary residence and has moved over to the LLC in which case I imagine the homestead falls away?

4) does one need to let their home insurer know that the home has shifted to the LLC? could the premium go up for the structural cover cost then?

5)Utilities need to all be transferred under the LLC name between tenants correct?

6) If the home barely breaks even after the mortgage and PM fee, would you suggest additional general liability cover or umbrella cover as the greater priority?

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