In most cases you can turn the home you're living in now into a rental property, but you'll need to check a few things first. Check with your mortgage company to see what, if any, restrictions it has. For some home loans, you must live in the home full time for at least a year before you rent it out. Check with your homeowner's association, if you have one, to make sure it's not against the rules to turn your home into a rental.