Owned my house for 6 years, some questions about renting it out.

[William Carr]

Bought the house as a short sale at 260k and it recently got appraised for 320k, Mortgage is $1692. House was built in 84 and is in great shape with new carpets upstairs. My only concern is my ac unit is from 84 and still running good but I know its on its last leg. 

Im assuming I would need to fix that first before renting it out but I was just looking for any advice on why it would be good to rent out my house instead of selling for the profit and moving up?  Makes me nervous but I have seen people on here say they wished they would have rented out their first house instead of just selling. Since I got this house as a ss foreclosure I figure I am in a good position here. 

Any advice would be greatly appreciated!