Converting Primary Residence to Rental

[Garrett Peters]

Purchased brand new 3000 sqft house in Rockwall TX in 7/2018 at peak interest rates (4.75%), currently have roughly 90% LTV right now, on $380k house. House is the nicest in neighborhood (4 bed, 3 bath, hand scraped dark wood floors on entire downstairs, white modern kitchen, greenbelt corner lot), builder downgraded after we entered neighborhood and started building 1800 sqft 1 stories with minimal upgrades, no stone etc. Because of this, we have purchased a lot to custom build on in a few years. Looking for suggestions on what to do with current house. Selling is not an option right now, as neighborhood is not filled in and i dont think we could get a decent return at the moment. All-in payment (Tax, hoa, insurance, PMI, P&I) is $2900 right now, so i dont think its rentable currently. Considering refinancing house down to 3.5% rate, which should get the payment to $2500-$2600/month. If i get rid of the PMI after refi, payment would be $2300-$2500/month I have a couple questions-

Would you consider the refi advisable if i plan to rent the house out? Should i drop in some cash to get rid of the PMI as well or just keep my powder dry?

Are there any restrictions on listing the house for rent shortly after refinancing?

Could i honestly expect to rent the house out at $2800-$3000/month, honestly i'm skeptical because i think if a renter can afford that, they can afford to own a house?