Renting Out My Current Home and Buying Another

[Fredrick Jackson]

I plan on buying my first rental property within the next year or so. But something I plan to do in the future is to rent out my current home when it is time for our family to move. The idea of renting out my current residence and buying another family home seems daunting to me, but this house is in a great area and I think it can generate wealth for years to come. I don't plan on doing this for at least another 5 years, as we are happy with where we live. I wanted to know the best strategies for renting out a current residence and purchasing a second home with a good size down payment. Thanks.