Primary Residence into Rental?

[Curtis Brown]

Hello everyone!

I'm considering moving out of my house and turning it into a rental. Based on my research I think I can get about $2400 - $2600 monthly rent with a monthly expense of $2139.28 (that's including mortgage and saving for things like capex, repairs & maintenance, etc.). I'm wondering if it's worth turning my current home into a rental since it's the only one I'll have for many years (most likely). Any thoughts? 

Additionally, a lot of experts are saying the real estate market (among other markets) is going to have a significant correct soon. In terms of home buying, I think I should wait to see what happens this winter and decide if I am going to do this. I am also aware that mortgage rates are going up while the prices are expected to go down so it might not feel like a good deal from a monthly-mortgage payment standpoint. What do you guys think?

Thanks for any perspective you can share.