Was thinking about this as well but I have to check our HOA to see if there is anything to keep us from renting it out. That’s another set of issues as we’ve never managed renters.
I’d ignore the advice you’re getting here if you’ve never been a landlord before. Run don’t walk away from a piece of rental property! Invest the money in something where you don’t have to play mommy and daddy to idiots. Based on the experience of others I would sell at a loss before putting myself through that.
If you do rent out your home, use a property management company. Mine is terrific. They prescreen the tenants, they collect the rents, they handle maintenance issues and they prepare a W9 at the end of the year for tax purposes. All at a 10% management fee.
I would stay away from renting like the plague.
Not worth the aggravation, IMO.
I would stay away from renting like the plague.
Not worth the aggravation, IMO.
I’d rather sell it outright and invest the money.
Remember, the taxes will go up because you can’t claim homestead on the rental. Then you have to worry about damages.