Sell or Rent Primary Residence?

[Vik Azeem]

Greetings all, I am looking to get started in real estate and I was hoping to get some advice from BP on what to do with my primary residence. I am going to be staying at my parents house for about a year and essentially saving up for a downpayment on an investment property and paying off debt. I currently owe 155k on an FHA loan and it looks like I would be able to sell the property for around 205-210k, so possibly could walk away with 30-40k profit. PITI is $1200 per month and I believe i could rent it for $1400-1500 per month. The other option would be to refinance the house into a conventional loan and attempt to remove the PMI insurance which should get the PITI closer to $1000 per month and help out with the cash flow.

My long term strategy is buy and holding single family homes. My concern with my primary residence is that it was never bought as an investment property in mind and so I'm wondering if I should take the money from selling it and attempt to get a better cash-flowing property.   Given the numbers above,  would you guys advise to sell or keep the property and rent it out?