Unrelated to your question you have to consider the tax consequences of turning your personal residence into a rental.
Gains on sale of personal residence are far preferential to those on a rental. The first $250k ($500k for married couple) of gain on the sale of a personal residence (basically defined as primary residence for 2 of past 5 years) is exempt from tax. Whereas income on sale of income producing property is all taxable (capital gains rates). So you either need to pay your tax or do serial 1031s to continuing deferring your tax.
If you do turn it into a rental, you should consider selling before 3rd anniversary of turning it into a rental so you can still get the $250k exemption.
Gains on sale of personal residence are far preferential to those on a rental. The first $250k ($500k for married couple) of gain on the sale of a personal residence (basically defined as primary residence for 2 of past 5 years) is exempt from tax. Whereas income on sale of income producing property is all taxable (capital gains rates). So you either need to pay your tax or do serial 1031s to continuing deferring your tax.
If you do turn it into a rental, you should consider selling before 3rd anniversary of turning it into a rental so you can still get the $250k exemption.
