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Fannie Mae's recent policy change in July 2015 may help you becoming a new landlord. The new policy allows homeowners to convert their primary homes to rental investment properties and buy a replacement home with a new mortgage with no minimum equity stake in the current home. It used to be that you must have at least 30% equity in your primary residence if you wanted to convert it into a rental counting the rent toward your qualifying income for a mortgage on a new primary home plus 6 months reserve of liquid assets. This new rule will help in these set of circumstances:

. Your current primary home is underwater or little equity. 
. You want a larger home to accommodate your growing family or  want to live in a different neighborhood.
. You pass our Pre-Approval test.

Some of the benefits of owning investment property:

1. Mortgage interest deduction (including credit card interest if use towards property improvements and renovations).
2. Repair costs incurred for the maintenance of the rental building is deductible. Repairs can be capitalized of expensed depending on the amount spent.
3. Traveling expenses (gasoline, lodging) is also deductible related to the investment property.
4. You can hire property management to help you.