Primary residence to Rental?

[Jose Lopez]

I am in the middle of a cash out refinance. My current(primary) home in LA is being rented out and has been since the start of the year.

In the application I turned in I still wrote it down as a primary residence even though its a rental property with two tenants. My plan is to get them both rent insurance and Non owner occupied insurance. 

I am planning on cashing out and using the profit to buy a home in the valley with my girlfriend. I would most likely need to be on the mortgage as she probably wont qualify for the loan on her own. - Its a solid relationship where we are planning on a wedding in the near future. 

I'm also planning on purchasing SFH property out of state as a buy, rent and hold.

Question:

Is it ok if i continue with the refinance and leave the home as a primary BUT still be able to claim it as rental property and get tax deductions? 

Should i get an LLC for the rental property and would this be added tax deductions?

How would i go about purchasing a home with my girlfriend in regards to title, name on mortgage. 

What would be the implications of me being on a second mortgage and my ability to qualify for other mortgage loans for buying out of state property? 

[Anthony Gayden]

Originally posted by @Jose Lopez:

I am in the middle of a cash out refinance. My current(primary) home in LA is being rented out and has been since the start of the year.

In the application I turned in I still wrote it down as a primary residence even though its a rental property with two tenants. My plan is to get them both rent insurance and Non owner occupied insurance. 

So you lied to the mortgage broker and said it was your primary residence when you don't actually live there? If so, that can be considered mortgage fraud. LTV is higher on primary residences, and interest rates are lower.

You need to be honest with your lender.