To rent or to sell, that is the question.

[Kinley Puzey]

Ok... so I've been reading posts on BP for the last few months and am interested in creating passive income. We are at a point where we are considering moving for personal/family related reasons. We are wondering if it would be best to sell this home or use this home as our first rental. We currently have a HELOC on this home and assume that we will need to get a mortgage on the next home. I would love any advice you may have.

Specs:

• Single family home 5 bed/3 bath, .25 acres in a suburban neighborhood. There are other homes that are being rented in the area. Looking at other similar homes the rent goes for around $1800 - $2000/month.
• Estimated home worth $240,000 - $250,000
• HELOC payoff is $185,000
• $27,000 in available equity

Any advice is welcome. Thanks!