Converting Primary Residence to Rental Property

[Jason Clough]

My wife and I bought a single family primary residence two years ago  and are finally ready to convert it to a rental property. Besides the basics of a lease and collecting rent, what do I need to be aware of? Are there licenses and permits I need to obtain? What’s the best way to structure for taxes and how should I collect rent?

In Philadelphia, PA 

[Eric Greenberg]

Hi Jason,

You will need

- Commercial Activity License / BIRT
- Complete a lead safety inspection and upload once results are in and satisfactory 
-U&O

- Up to date deed with your name (I assume your deed shows your name on the property already as it was your primary)

- Make sure there are no open violations on atlas

-Then you will have to have them review and you should have them sign all the paperwork like ‘Partners for good housing’ (there is a new version for 2022)/lead saftey/etc.

Happy to talk in more details and more information below:
https://www.phila.gov/services...

And older but great post: 
https://www.biggerpockets.com/...