First time home buyer: buying for renting, not residence?

[Mary Gerlt]

I'm considering becoming a first time home buyer this spring. I'm interested in continuing to live in my rented house and then rent out the purchased house. How do you decide how much rent to charge and it is very complicated to get started doing this? Is getting a loan for a property you plan to rent different than for a primary residence? Is it better to rent to people you know, or to strangers?

Also, should I consider the size of my savings in doing this? My net worth is only slightly bigger than the value of the home I'm looking to purchase. I'm sure my parents would love to help me with the down payment.