To Sell or To Rent Out

[Keith Zabak]

My wife and I are weighing our options on how to start our real estate investment venture. We are currently living in a HUD home and have some nice built in equity. We have done some renovations to this home including windows, doors, flooring, and all new kitchen. Is it smarter to sell this property in another year when we will have our 2 years in so we don't pay taxes, or should we rent it out and begin our path that way? My main concern is that all of our potential cash is in this property and that we may not be able to get financing for our next property if we rent this one out. Another concern is we have put so much work into this property, would renting it out create more wear and tear to fix down the road and cost more money? Any suggestions are greatly appreciated.