Switching Primary Residence to a Rental Property

[Sheila Grullon]

Hello BiggerPockets Community,

I'm looking for some advice on how to transition from home owner to investor. I currently own a 1br condo in Fort Lauderdale, Fl. I have been back and forth from NYC to FL and looking to move back to NY permanently. That said, I'd like to rent out my condo. AirBnB would be my preference but my HOA won't allow it. So, I'm looking for some direction/ steps to transition it from a residential property to a rental. Do I need to change my property insurance? What's the best way to get a lease agreement? What should I include or look out for? I know this will change my homestead so are there other tax related things I should look out for? I'm a little lost on the logistics and now that I'll be diving into investor territory I want to get it right.

I'm sure the answers are out here on the internet somewhere (which I'm willing to research myself) but I figured I would ask for advice from experts in the field. 

I'm also considering selling altogether to invest my money in Philadelphia or house hack in NYC but those are completely different beasts for a separate post. 

Any advice or direction to some online resources would be greatly appreciated.

[Sheila Grullon]

Originally posted by @Nicolas Biangel:

In regards to the insurance, it'll be a DP3 coverage.  

Great! Will look into DP3 coverage. I'm hoping it will be a smooth transition and it won't eat up too much of my cash flow since that's already a little on the low side.