Need some help with renting house and finance stuff

[Benjamin Biddlecom]

So I have a situation that I need some advice on. I own a small two bedroom ranch house with 2 car garage, large basement and 1 ½ bath. We owe $80,000 and its valued at $100,000. Its on a dead end road on the outskirts of town. Very close to everything. My wife and I need to move to a new house this summer/fall. We want to rent our current house out and buy a new one. So this is what’s going through my head. We bring home a combined $50,000. We have 2 vehicle loans and a house payment with $30,000 in cash. I was going to pay off the vehicle loans which would wipe our cash out and then since the house is in my wife’s name I was going to take out a VA loan and buy the house from here for $100,000 which would give her about $20,000 in cash after. Then we would buy another house with her VA loan in her and my name. Then the only debt we would have is two houses and we would have a bit of money back in the bank? With two mortgages and all our other bills we would break evenish every year if we couldn’t rent the house out. I’m just trying to figure out how to work this out.