What happens if primary residence becomes investment property?Hi, I live in Seattle and I am thinking about buying a condo, with it being listed as my primary residence, since it is my first property. The hitch is that I may be moving and I would like to be able to keep the condo and rent it out. Here are my questions: Do I have to disclose this information to the condo board or to my realtor or to my bank? Can I legally rent it after signing all of the documents and making the purchase official, or could the condo board itself install penalties against me? Would I need to pay a different property tax because I would be renting it out? I read that there are higher interest rates for income properties, but since this is my first home it would not be considered an income property, am I correct? Thanks for any information anyone can give me... I'm kinda confused here and in need of some guidance.March 12 2013 - Seattle00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.