Renting my current home out...

[Chris Cox]

I'm extremely new to the idea of using my current home as a rental...but thought it might be a great idea. I've had it listed to sell because I am planning on moving 3 hours away. I've had numerous looks...but no bites yet. So I wonder if holding onto the home and using it as rental property is a better idea than just selling the home? I've lived in it for 2.5 years now. My monthly mortgage is 955 including insurance and escrow. I can rent the property for 1200 in the area. So is this a good idea?

Also, if I do use the home as rental property...will that mortgage hold me back from purchasing a home in the area I am moving to?

Thanks for any feedback.