Advice on best path

[Timothy Battin]

I have recently taken a job in a different area than my Jacksonville, FL home.  My wife and I are buying a new home in our new area, but are undecided what to do with our current one.  The market in my immediate area is a bit soft, and the value for our house is significantly below what we still owe.  We were considering doing a few repairs and treating it as our break into rental properties.  The down side is that we would need to use a property management company, which will end up eating what slim positive cash flow we would otherwise have.

Would it be better to hold onto it, even for a slight loss every month, or to try to go ahead and sell it for the loss and take the hit financially and get it over with?

Any similar stories to share?  I've browsed the forums and know that sometimes people can get lucky and come out on top, but there are also horror stories about a house being trashed by poor renters and even losing value.