Renting out your Primary Residence

[Kyle Martinez]

I have owned and lived in my Primary Residence for 3 years. I am wondering what kind of issues may arise if I decide to rent out my home instead of selling it so I can retain ownership and obviously make some money every month on it as well. If I change it to a rental, would that free up my debt-to-income ratio so that I could apply for another home loan on a second property? My annual income is 90K right now. This home has close to 70K worth of equity in it and after posting on a few forums here, it seems like the best idea might not be to sell it. I want to begin investing in RE and I think it would be a viable option to rent this out for close to 500$/month in profit. Suggestions? Opinions? All welcome.