Primary residence into an investment/rental property???

[Stephen Wong]

Hi - Any perspective is greatly appreciated. Hopefully this helps anyone else in a similar situation..

---

I purchased my first primary residence in Jan 2021 in AZ. 

As of Jan 2022 (12 months later), I am considering moving back home to CA and renting out my primary residence in AZ and turning it into an investment/income producing property. (Mortgage+Expenses ~$800 vs expected rent $1,800 = $1,000 cashflow+)

This should help with reducing my debt-to-income ratio (including my student loans) in order for me to cash-out refinance or qualify for another home. (I don't want to sell the property)

Any issues or foreseeable problems I may run into? things I should be aware of before starting? What should be my first steps?

Thanks in advance,

Steph