Turning Primary Residence Into Rental

I've purchased a new house and am going to turn the one I'm moving out of into a rental. Since it wasn't originally purchased as a rental property, is there anything I need to do?

Comments(2)

  • jorge12115th July, 2003

    make sure that the underlying loan is not an FHA. There is, I believe, a prohibition on renting the property if it is covered by an FHA loans (someone please confirm this for me). FHA loans are for owner occupants.

  • w3577315th July, 2003

    Also remember the tax implications of this move. I forgot all about it with one of my properties and now I have made a mess of my taxes vis-a-vis depreciation. Talk to your tax advisor.

    Russell

Add Comment

Login To Comment