Converting primary residence to an investment property

[Account Closed]

Hi guys,

Newbie here looking for guidance to do this right since there is so much info out there...

I bought a condo as a primary residence, lived in it for the 12 months required by the mortgage company, and now have a tenant moving in in February.

I wanted to contact my lender to inform them I am renting the property out now so they have it on file. I know I have to contact my home insurance company as well.

What I am confused about is collected rent. I am going to collect the rent electronically, but I am wondering whether I need to open a separate bank accounf to collect or can I collect in my personal account?

Also, the tenant gave me the security deposit and I put it in my personal account... do I need to put that in a separate account as well? The condo is in Ormond Beach, FL if that helps.

Any info provided here will be a great help. Additional info I should know in addition to the answer to my question is also appreciated. Thanks all!

[Darius Ogloza]

Nicole: a homeowner's insurance policy may not cover losses incurred due to the negligence of a renter.  You need a landlord's policy on your rentals.