Turning Primary Residence Into Long Term Rental

[Jeremy Gibson]

Hello BiggerPockets Community!

I cannot seem to find the targeted information I need narrowed down to understand next steps. Maybe it doesn't exist or more than likely I'm not understanding - it tends to happen a lot.

We're approaching our 2nd year in our current home. We want to start renting it out soon and move into another home to potentially live in for 2 years then rent that out. The loan is in my name and the title is in me and my wife's name. Here's where I am stuck:

Is it possible to transfer the title into an LLC? I've been advised by 1 attorney to just do it through the county and the lender won't know or care as long as they receive their money they are cluelessly happy. On the other hand, all I hear of is the possibility of a due on sale call from the lender, so do I contact the lender and run the risk of them saying "no" and now I have to go through a closing to transfer title.

My current rate is 2.9%. Is there a way to keep that or will I need to turn into an investment property and raise my interest a bit?

I am also in need of creative ways to finance the purchase of a new home with little to no money of my own. My home probably has 40-60k in equity.

We want a larger home for our growing family and at this time, if we can acquire 3-5 rentals in the next 9 years, I am fine with that. My goals currently are not lofty but I want to take advantage of long term rentals. It is looking like this current home could cashflow about $400 a month if terms stayed the same..

Thanks in advance!