Turning Primary residence to Rental

[Mudassir Syed]

Hello!

What steps do I need to take to turn my primary residence to rental?

will there be change in insurance, lender notice etc.

Thanks,

Mudassir Syed

[Joe Splitrock]

@Mudassir Syed work with your tax professional to establish in service date and value for taxes. Talk with them about how and what they want you to track as expenses. Organizing your bookkeeping upfront will save a big hassle come tax time.

As others said, insurance will just change to a landlord policy, sometimes called fire or structure policy. It is generally less expensive because it has very low personal property coverage.

I would also get educated on local landlord laws and get a lease that was written by a local attorney. If you self manage there is much more to worry about of course.