What the play here? Sell or Rent first home?

[Mike Lettko]

Looking for some opinions on what the best approach may be in this situation. I decided to sell my first home, and buy a new home, feeling like the market isn't terrible as a buyer if you are also selling. Under contract for the new home at 410k, 20% down. My current home is under contract to sell for 350k. I owe 115k for 22 more years. I planned to roll all proceeds from the sale of the current home into the new home. Then I started to consider renting it, and it has sent me into what seems like a never-ending path of possibilities. I want to get started in real estate investing, and this seems like an opportunity. Rent in the area for my house is 2100 easily. Mortgage with escrow is about 1200. 

I'd love to use this as my opportunity to get started with a rental property. My doubt begins because I originally only considered buying a new house knowing I was selling and cashing in on the sale, and keeping my new mortgage low by rolling all the proceeds in. Further, the 20% down wasn't necessary, but helped us be competitive with our offer. If we aren't selling, the 20% down needs to be pulled from savings/investments I am hesitant to touch, but will if it's worth it. 

I know there are a lot of intricacies that are absent here, but any thoughts or insights would be helpful. I've been calculating this every which way I can for the last week, and haven't determined which makes the most financial sense. Can someone help point me in a direction? Thanks!