Owning investment property can be a great way to build long term wealth. For the right person becoming a real estate investor can be an enjoyable and profitable experience.
We often talk with homeowners who are considering renting or selling their home. We also talk with many people who have rented their home for one year and after that have decided to sell.
Over the years we have found some homeowners who decide to rent their home do not realize some of the expenses they will incur when converting an owner occupied home into an investment property.
If you are trying to make this decision for yourself here are a few things you may want to think about. As always you should consult a tax professional to go over your specific situation.