WHAT SHOULD I DO? Stay put or get tenant?

[Leyha Williams]

I am purchasing my first property and I am deciding whether I want to rent it out and get a cheaper apartment or stay in it and pay the mortgage myself. As of now my plan is to buy a 3bd 2bath starter home for $200,000. PITI will be $1600-1800. I will buy it in a neighborhood outside the 610 loop (20-40 minutes outside of downtown) in an up and coming neighborhood where rents for comparable properties are $1800-$2000. While my tenants pay that mortgage, I plan to live in an apartment closer to downtown for $900-$1200. Does this make financial sense? Is there anything I should be concerned about? Is there something that I am not considering? Please help me make this decision.