From: ginad515@ADELPHIA.NET
Newsgroups: misc.invest.real-estate
Subject: Steps to Renting out First Home
Date: 21 Aug 2005 21:13:28 -0700
   posting-account=7n9DnA0AAABe6TQfLipPHufIoMf9SMRd

I have found a renter for my home for $300 beneath my actual mortgage
payment. As my first home, the mortgage is somewhat higher than the
going rent for rentals in my area.  I am currently commuting 2 hours to
work, so I needed to rent it out sooner rather than later so I can move
closer to where I work. I have a 30 year fixed FHA mortgage on my
home.My question is what do I need to do legally to make sure that I am
renting my home legally and properly.Do I need to refinance my property
as an investment property, or can i maintain my current mortgage with a
renter.  I have lived in the house approximately 2 years and I do
intend to move back once I find a job in this area again. Do I have to
form a LLC to protect myself from liabilities and to make tax
deductions?  Is that a good idea, or will I be okay to just rent it out
straight without forming an LLC?