making my primary residence to a rental property

[Leo Martinez]

HI, we purchase our primary house in April 2022 and we are thinking of moving to a new house sometime next year. my questions are the ff: thank you in advance for the advice. we are really want to learn about rentals and hoping this would be our start. 

 1.) do we have to wait for 2 years to have it legally rented?

2.) do we have to report it to our mortgage loan company and will it affect our interest rate?

3.) do I have to have LLC to start renting it out or is there a possibility to transfer it to LLC?

[John Mocker]

Leo,

Generally, your Homeowners Insurance will need to be changed to a Dwelling Fire (aka Landlord) policy. If you do change the ownership out of your name, you need to make sure the policy is in the name of the owner of the property (ie. LLC, trust, etc.).