Should I remain in my home or move out and find tenants

[Calvin Washington]

 . I own a 1 home currently that I live in with wife and daughter. It’s 5 bedroom nice size home in a nice neighborhood. I’m currently paying 650$ for mortgage where rentals in my area are 1300$-1700 in my immediate area. My credit is not good at this time to by a home but we have a reasonable  savings of about 25k . My wife also wants to upgrade to a loft or a nice condo downtown…..

Question. Should I rent my home to a tenants for 1500$ and move to a loft downtown for the same 1500$ Or should I remain in my home paying 650$ Mortgage and wait until I can buy a home?