I have a house that is payed for,,she I rent it out or should I stay in it?

Question

I have a house that is payed for,,she I rent it out or should I stay in it?

Answer 1

It depends on what you want to do and how much responsibility you want to have.

Rent it out means that you will have to create a business. You will have to check the laws for your state, county and city in regards to renting. Also, your property income may increase since it will be reclassified as a rental property instead of principal residence.

Good Luck!