Also, I don't know if it would be worth it from a liability perspective either, but would advise to chat with an insurance pro/legal pro.When purchasing a primary residence, conventional loan guidelines will require you to take down the property in your personal name.When it comes to taxes, you'll likely be able to take the standard deduction AND itemize Interest, Taxes, Insurance, Depreciation, and expenses prorated based off the rented portion of the property when reporting the 1040 along with W2 income.

The problem we are having this year is that IHA never stopped paying after the last two residents moved out. 

Pretty sure it works in reverse also - set up a Michigan LLC for the property above and you'll have to register it in your state of residency. 

Quote from @Jason Ghent: Hi everyone,For the FHA, what about the case where you live in the primary residence but just rent out the remaining rooms?

I'm actually considering moving from my personal residence in a somewhat distant future so I was planning to test the waters before making the leap.

Quote from @Jeffery Campbell: Investment Info:Single-family residence fix & flip investment.

How long must you wait before being able to rent out a primary residence property from a lending perspective?

That feature is bundled in a Resident Benefits Package I have as an addon through Second Nature. 

Another lesson I’ve learned is that buying a single family home as my primary residence to later lease to a tenant is a bad strategy unless I’m purchasing the property at a really low price.

Investment Info:Single-family residence fix & flip investment.