Big decision on my property

[Fernando Landeros]

Well, I have decided to make a big decision in not only my life but my family's life. We have lived in our current home for around 4 years. My daughter is 4 and she has lived here her whole life. Our son is now ten months old. The home I live in was bought for 265k 4 years ago. I put 61k down so we have some equity. I believe we now owe 195k or so. The truth is that this house has been a drain. I work in the refinery business and I sometimes have to be gone months at a time. That equals up to 8 to 9 months out of the year. I also dont choose when to be out of town so i miss out on so much. This is not worth it to me and I am deciding to make a big change in my life. I also have a small amount of assets. I am going to start my real estate career and hit this chapter of my life with all I got. The question to you is, would you just straight up sell the property I am currently in; or would you rent it out? I plan on living nearby as well. Downsize a little for a couple of years and have the property I intend to live in one of my rental properties as well.

I can generate anywhere from $2200 to $2500. I still need to do a little more research on that.

My expenses would be 

tax- 642

insurance- 200

HOA fees- 75

vacancy- 200 

CapEx- 120 considering everything is fairly new

mortgage- 927

repair- 100

Is there anything else I am leaving out?

Should I have any more factors to consider in my equation?

Your opinion might change my life, and thanks in advanced!