Sell rental before capital gains tax?

[Kelly Williams]

I am moving out of my current residence and plan on turning it into a rental. From what I can tell if I sell the house within 3 years after moving out, I will not have to pay capital gains tax. The rule is if you lived in the house 2 out of the last 5 years then no capital gains tax is needed, if the gains are under $500,00 which mine will be. So my question is, when does it make sense to keep the property as a rental longer than 3 years? I do not foresee keeping the property as a rental for more than 10 years, probably less. Any input?