Whatever it is you choose to do, you should do it the same way every time.I've seen landlords use credit scores alone as a deciding factor, saying 700+ is instant approval and below that could trigger a call for more applications.

Converting from investment to primary does not trigger the tax. 

Top question you need to get a feel for is what would you do with the capital if you sold (or if you did a cash-out refinance) - if you have a good investment idea / usage that exceeds owning the current rental - you should likely pull the trigger, if you don't have a good usage for that capital then probably sit tight

My wifes house is nearly payed off and we are thinking of buying a new one and doing a live and flip while we rent out our current house... and meanwhile I am really trying to get all the info and contacts so I can pull the trigger on a deal once I find a good one and have the tools to take it down succesfully. 

For example, Pennsylvania Department of Revenue takes the position that transferring a property from your personal name to an LLC (vice versa) triggers realty transfer taxes. 

One more tip – people remember stories that trigger their emotions.

If there was a Fire, Windstorm, Etc. that is covered by the policy and it results in a loss of Rental income, that coverage would be triggered. 

I have explored this idea in the Caribbean and South America a few times and never pulled the trigger as it was too much headache. 

If there are some loan outstanding, the death benefit will be reduced by the loans amount.Loans from the policy are tax free.Interests paid to an inside policy loan are not tax deductible, however the interests for a third party loan secured by the cash value may be tax deductible.A lapse of the policy will trigger a taxable event.

I had a call yesterday with a rep that made me feel confident, but not quite ready to pull the trigger just yet until getting more verified reviews of their track record of returns and service.