Make sure you’re comfortable with that risk.If your primary goal is tax benefits, transferring the property may not be necessary.

I am getting ready to convert my primary residence into a rental property after we move.

I had a client come to me just yesterday to manage their property that I had to have a real heart to heart with.I asked them what their primary goal was (cash flow was their answer) and what the projections were that they used to make their purchase decision. 

@Zac Kucharek  I will focus on the asset protection component of your post since it appears to be the primary objective.  

A HELOC on your primary will offer the best bang for your buck.

You can use conventional financing, up to a fourplex, and if you live in one unit you may reduce some of the property tax for the space you live in as it is your primary residence and you can also buy with very little down as opposed to buying it strictly as an investment property.Duplexes are a great option and you generally also always have at least one paying tenant and can be bought similarly.

In truth you don't have a lot of power over when and if she pays, but you can and should use the power you have.We have this clause in our agreement and we talk about it before they move in so that they are clear who the primary is and what that means. 

Written by attorney investors, it's full of practical advice pertaining to management of investment property, has sample forms that can be edited, and - most importantly - they tell you what your primary state laws are and where you can read them.

FHA is for primary only. 

It’s currently a single lot and contains my family and I’s primary residence which we have about $250k of equity in.