Believe the answers are No and Yes - However.....
- Your mortgage was likely that for an owner occupy or second home and not as an Investment/rental property. The bank/lender may have issues with sub-letting the home so you might need to check on that.
- If the home is classified as a rental property, I believe there are restricting on the amount of time for "personal use" - which I think is 2 weeks per year - not sure if that includes any time spent there to make improvements, etc.
- Contact your homeowners insurance as they need to be aware if you are renting out to someone else who occupies the home.
- Florida requires any rental 6 months or less collect Sales and Use tax. Depending on the county, can be 9 or 11% but you must first register with the state to get an ID# to be able to collect and then must file a return monthly or quarterly paying any taxes collected. Even if $0 collected, you still have to file.
Now, do people follow all of these rules? I'm sure that some do no not but there's too much at risk to not in my opinion...
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