see a lawyer for advice. titling of the property will need to be modified and you may need new title insurance. if you have a mortgage you may be required to refinance it. real estate taxes could be affected. in some jurisdictions, a primary residence is taxed at a lower rate than a rental property. you will be creating a partnership so you will have to file for an EIN and file annual partnership returns. however, as far as depreciation goes, you're probably correct.
