Looking into renting main home.

[Justin Willmon]

Hey Everyone, 

So I currently own a home that I have had some people interested in renting out. Its about 1500 sq ft and a 3 bedroom, 2 bath that has been completely renovated. My mortgage each month is $975.00. 

Im looking into possibly renting it out and in our area I can get around 1700-1800 a month for it, or I could rent it out furnished with beds, couch, etc. for $2200 a month. Its not ideal but that means I would be moving back into my parents home for 6 months to a year. They have a separate guest house, so its not a huge deal breaker and they are okay with me doing that. 

My girlfriend will be finished with nursing school in May, and my thinking is I rent it out for a year, take all the money I gain from it and start saving for a down payment for another home in a year or 2 for the two of us? Would this be a good route to take? I want to get into rental properties, but in my town we have almost none or hardly any duplexes, triplexes, etc. so I kinda see this as my only option to help save and buy a second home.