Worth Renting Primary Residence?

[Lenny Weiner]

New to the forum and have never been involved in renting personal property before. I built a home in 2006, refi a year ago and my monthly payments PITI is 844/month. I have been approached by a friend to rent my home with his family for 1020/month. A few things, they say it will be 1-2 years rent, before they want to buy something else bigger. I plan to move into my parents home rent free initially and eventually buy a new home. Just curious on what else i might consider, positives and negatives. I'm going to ask for a 1 year lease up front so I can lock him in for at least that long.

I guess i could move back into my home if they move out or try to put it up on the market to sell or get into the rental business, if I have purchased a new home in that time frame. Just looking for advice, things to consider.

Thanks
Lenwine