What should I know before renting out my home instead of selling it?

• Tax: if you owned and lived in the home as your main home for at least 2 of the 5 years before a sale, you can exclude up to $250,000 of gain ($500,000 on most joint returns) under 26 U.S.C. 121. Renting it long enough can end that eligibility.
• Your Florida homestead property tax exemption is tied to living in the home. Check with your county property appraiser before you move out.
• Landlord duties: Florida's landlord-tenant law (Chapter 83) sets rules on deposits, repairs and notices. Talk to your insurer, because a homeowner's policy may not cover a rented home, and check whether association rules limit leasing.
• Talk to your CPA before you decide.

This answer explains the general process in Florida. It is not legal or tax advice; for your situation, rely on a Florida attorney or CPA of your choice.

Should I refinance, rent out, or renovate instead of selling?

Put each option next to selling, on one page: what you would net from a sale today versus the monthly cost and likely result of each alternative.

• Refinance: depends on your rate, loan terms and credit. A licensed lender answers that. PBP is not a lender or mortgage broker.
• Rent: rent minus mortgage, taxes, insurance, association dues, repairs and vacancy (see the question above).
• Renovate: spend only where recent sales show buyers pay for it. Compare what renovated and unrenovated similar homes sold for.
• For taxes, talk to your CPA. For loans, talk to a licensed lender.

This answer explains the general process in Florida. It is not legal or tax advice; for your situation, rely on a Florida attorney or CPA of your choice.