House will be paid off this year. Looking to rent. Advice?

[Chad Jordan]

Hi, this is my first post to this forum, thanks for taking to time to read and thanks in advance for any advice given.

Here's my situation. I'm 32 years old and have had a mortgage on a house since 2005. I've been aggressively paying it off for the past 5 years and I should be able to pay it off completely in the fall. My wife and I are looking to rent out our property and rent somewhere else. Does anyone have any info on what kind of profit we can expect on a home that we have no mortgage on? The house could probably rent for about $1200 per month. Are property taxes fully deductible from our combined income if we don't own a second home since we'll also be renting? We basically want to move somewhere temporarily with better weather such as southern California or Hawaii but not commit to buying another property until we can buy with cash. Renting our existing home would be nice since I'm hoping the profit we make on it will cover most of the expense of renting a small place somewhere else. Any advice would be greatly appreciated, thanks!