Renting out during AZ FC

[RyanU]

Bought, now bailing in AZ. 1st loan BofA, HELOC w/CU, last payment 12/2011

BofA stopped calling, CU stopped calling too. We were going to try for a short sale but it doesn't look like we'd qualify nor would it accomplish anything FC won't. Our insurance company sent us a premium refund and said they don't insure vacant homes and we'll be cancelled in 30 days. We need insurance to protect us from liability for waste.

We have received friendly reminders and a few mod packets from BofA but nothing else, CU has sent NOD and NOI. Are we legally prohibited from renting the place out until it's gone to put a body inside the home and maintain landlord's insurance? Could we legally just find someone who needs a roof over their heads and give them a month-to-month lease for $10/mo + housesitting services?

[TomEason]

RyanU

Thanks for your post.

I heartily recommend you rent your property out. Yes, of course it's legal as you're the owner. No need to create an alibi.

I see no reason for you to rent at a price that is drastically below market. I recommend you conduct a rental market survey via Craigslist (it's easy and free), and set your price at or only slight below market.

You'll enjoy immediate positive cash flow rental income and will likely enjoy that revenue stream for many many months.