Hi! My name is ***** ***** I look forward to helping you!
You're actually better off to sell the property. Because it's been her personal residence, she would have no gain on the sale because she could exclude it under Section 121 of the Internal Revenue Code. Once property is converted to rental property
, the improvements tend to deteriorate more quickly as renters simply don't care for property like owners. And, although you would get the $1600/month in rent, you would likely have costs of leasing it (typical broker fee would be 1 months rent), and the costs of the house...property taxes
, insurance, repairs, etc. In the end, you would likely end up with more money investing the sale proceeds than renting the property and you no longer have the risk of ownership.
Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). I thank you in advance for taking the time to provide me a positive rating!