turning home into rental property in AZ

[tready]

Have my primary home in AZ but am moving to Maryland

I need to rent the property out.

When I signed the deed on the home it was put in my name along with my spouse.

I cant decide if I should create an LLC for the property (and then I would need to change the deed name also?) or just get a real good liability Ins policy on the property and leave the home as is with no LLC.

 

[John_DFW]

Have my primary home in AZ but am moving to Maryland

I need to rent the property out.

When I signed the deed on the home it was put in my name along with my spouse.

I cant decide if I should create an LLC for the property (and then I would need to change the deed name also?) or just get a real good liability Ins policy on the property and leave the home as is with no LLC.

One way would be to form an LLC o handle the rental aspects, a property management company.

Another would be to hire a professional property management company to deal with it.

Carefully check with your mortgage and insurance. There may be restrictions or they may need to know that the property is not owner occupied.

 

[FlyingRon]

I'm not sure an LLC will be of any tremendous use to you. You're still pretty personally involved enough to incur liability. There are other issues you may wish to consider when deciding if to sell it to an LLC at this point.

As John says, you will definitely want DIFFERENT insurance coverage when you are leasing it out. Most banks technically want you to get permission to lease, but this is largely overlooked as long as the payments continue to be timely.