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converting primary residence to a rental
Hi everybody!
I'm a newbie investor, just bought my first rental in February. I am now dreaming and scheming about my next property. here are my questions....My primary residence would make a great rental property. There are a couple of rentals on my street and they are never, never ever vacant.
1. Do I have to change the loan if I rent the house out?
2. repainting and carpeting the primary turned rental would be a business expense?
3. Would you suggest buying another single family to move into or a nice duplex that would hold my family in one side and "house hack" a couple of years?
4. If I went the duplex route, could it be in an LLC while we live there?
that's all the questions I have for now....I know I'll think of more.
thanks!
Diane