To avoid this, it's critical to consult with your lender before making the transfer.

If you do, you should consider consulting an attorney to discuss what you should have in place, and make sure your insurance company understands the setup as well and the potential increase for that scenario.Hope that helps.Mike

The roommate (without the order against him) loves the place and is consulting the military's attorney.

If your accountant offers QB training or consultation, I would recommend sitting with him for an hour or two to go over your set up and procedures, this is also important.

It may also be useful to consult with an expert to ensure the terms align with both parties' goals.

I strongly suggest engaging the services of a consultant or advisor to assist you with this matter.

It would be worth a consult with a local attorney. 

Shameless plug: I just started a consulting business for the exact purpose of helping new investors get off the ground here in Buffalo.

Regardless a consultation or meeting with a tax professional will provide a TON of value and information but if you're 6 - 12 months out from determining if you'll make these big moves then it might be a bit early.

Key Principles:Mindset and Goals:Think Long-Term: Real estate is a long term play in most cases Set Clear Goals: Define your financial goals and how real estate fits into your overall plan.Finding the Right Property:Location, Location, Location: Invest in areas with strong economic fundamentals, good schools, and low crime rates.Cash Flow is King: Look for properties that generate positive cash flow (rental income exceeds expenses).Consider Appreciation: While cash flow is primary, also consider properties in areas with potential for long-term appreciation.Financing:Get Pre-Approved: Get pre-approved for a mortgage before you start looking at properties.Leverage Wisely: Use leverage (debt) to your advantage, but don't overextend yourself.Consider Creative Financing: Explore options like seller financing or partnerships.Building Your Team:Real Estate Agent: Find an experienced agent who specializes in investment properties.Property Manager: Consider hiring a property manager to handle day-to-day operations.Accountant: An accountant can help you with tax planning and financial management.Attorney: Consult an attorney for legal advice and contract reviews.Managing Your Investment:Maintain the Property: Keep your property in good condition to attract and retain quality tenants.Screen Tenants Carefully: Conduct thorough background checks on potential tenants.Review Your Finances Regularly: Track your income and expenses and make adjustments as needed.Example Action Steps:Set Your Goals: Define your financial goals and how real estate will help you achieve them.Educate Yourself: Read books and articles about real estate investing.