Should I keep my house?

[Beau Miles]

My wife and I currently live in a home that we bought in 2010 for $149,000.  The payoff right now is $126,000.  We just found a house for $235,000 that we want to buy and live in (we will have to do some remodeling...maybe 60 grand).  I need the money from my current house to pay for the down payment on the new house.  I know I could rent out my current house for between $1200-1400 a month.  I have repaired just about everything in the house and know what to expect from it.  I am considering getting a home equity loan and paying for the down payment with that...then renting out the house.  Is this smart?  I know that this is probably a basic question but we want to get into the rental world and this all kinda fell in our lap.  We thought it might be a good way to start with something we know.  Thoughts?