How Long Do You Have To Wait Before You Can Turn Your Primary Residence Into A Rental Property?
I am a first time home buyer and got the first time home buyer deal.
I am not looking to stay in this residence for very long. How long do I have to live in this place as a primary residence before I can (under law) be able to rent this place out without facing legal problems (I have read that this rarely happens, but I dont want to take any chances with the whole fraud thing.
All responses would be appreciated.
Should be on your mortgage contract, most require 1-year occupy. Gives you time to get the place ready to rent.
You should also consider living in the property for two years in order to take advantage of the 121 exclusions ($250K if single; $500K if married). Tax free is better than tax deferred.
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