Backing your way into rental properties

[Tim Reimink]

My wife and I welcomed a newborn into the family 3 months ago.  We don't "need" to move at the moment but I can see us moving in the next 1-2 years.

I like the idea of holding the property though.  There has been significant price appreciation since we purchased the home in 2013, it's a pretty sought-after location, and I think it would make a great rental unit.  Plus I think we will have paid the mortgage off when we move.

How many of you backed your way into real estate by moving to a new home and renting your former residence?  What unforeseen pitfalls did you encounter if any?

Thanks!

[Mauricio Botero]

@Tim Reimink

Just curious, what part of Miami (I assume Miami from your location on profile) is your property located? 

I was in a very similar situation, minus the appreciation. I think the biggest unforeseen pitfall I encountered was not calculating (and saving) money for capital expenditures. Although it was a new house when we moved in, we moved out after 7 years. Should have planned to save some money month by month slowly for the eventual repairs that will be needed.