Should I rent or sell?

[Ethan Bennett]

I have a property in Hampton VA and have lived here since 2006. Its current value is about 260+ and we owe 180k.

Since there is a VA home loan on it, I was going to refinance into a conventional loan at a lower rate and free up the VA loan. This would allow me to rent out the existing home and purchase another without a down payment. I would also keep the payments at a total max amount that I am willing to deal with, in case something happens to the rental and it cant be rented at the time.

My thing is, this is my first time renting and I am starting to research all the ins and outs.  I wanted to know if it will be financially better to rent the existing property out or sell it outright and take the 60+ in profit and move on.  

At what point do you start to see profits from rentals?  My goal would be to take the difference in rent and keep it in a bank account and only use it for repairs or whatever would pop up.  I hate to sound new, but I am!

I also know that I could get a property manager to handle things, but isnt that like 8-10% each month off of the rental?