I am looking for a "what would you do?" opinion.
In a very general overview, I current own my home with a mortgage payment around 1150 and have done a comparative market analysis on the rent in my area and they are anywhere between 2000 and 2750.
With that being said, I have been entertaining the idea of renting this house out and down sizing/grading a bit and purchasing another home to live in.
Essentially, estimating this on the low conservative end of the spectrum from my "due diligence", it appears as if I rented this out I could cover my mortgage for my current home and then also cover the mortgage on the new primary residence.
What are your guys' thoughts on this? Would I be essentially be eliminating my biggest cost of living, housing? Is a form of house hacking? Pro's and con's?
Almost sounds too good to be true. Pinch me.