I am considering renting my current primary residence which is owned by a friend and I, in Baltimore. The current rental market has so much demand, I can rent it for almost 2x the mortgage, taxes, and insurance; paying it off in 8-9 years.
The house has a conventional 30 year mortgage at 4.00%.
Is it advantageous to create an LLC to put the house under to mitigate liability?
If I wanted to purchase a new primary residence, how long of a rental history would I need to qualify for another mortgage? Would I only be able to claim 50% of the rental income?