1st time house hacker need advice- transitioning primary home to long term rental

[Becca Buth]

Hello! I purchased an investment property last year using a regular home mortgage loan and have been living in it and renting out rooms on airbnb for over a year now. I'm ready to move and turn it into a long term rental. I'd love to get some advice on transitioning this to a rental property, getting it out of my name, etc. What has been your experience with moving a personal property into an LLC? Anything you wish you'd done differently?

I've been reading real estate books and listening to podcasts for years and have helped other investors manage their properties so this isn't all new to me but all the steps are a little overwhelming and I'm afraid I'm missing something! 

Thanks!

[Ryan Kelly]

You don't have to overcomplicate it if you don't want to. You aren't required to start an LLC, do a deed transfer, switch loan products, or any of those steps. What I do recommend to start is update your homeowners insurance policy to a landlord insurance policy, which has better protections for you if there is ever an issue with your structure or tenants. Then, just secure a solid tenant with good lease terms. Protecting yourself from liability is 99% simply being a good landlord. The other moves have pros and cons and no rush to force yourself into an LLC you don't understand. Take action on the rental and take your time on the other stuff.