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We aren't actually buying the place, we already "own" it so to speak. My girlfriend bought it last year, and now we are getting married and moving into a bigger home, so this one has kinda fallen into our laps. I just hate to sell it when it might be worth it down the road?

Hello,

We just bought a new house, and the one we currently live in we want to keep as a rental. A few questions:

1. The mortgage will be $150 per month more than we can get for rent. Will the tax breaks even this out at the end of the year? We will re-fi it in the future, but is this a bad idea if we have to "pay-out" for awhile? I just hate to sell it now and break even when it will be worth something down the road.

2. Do we need a lawyers to look at our lease agreement, and are there other legal issues to be aware of?

What other "breaks" can we look forward to with a rental?

Thanks in advance!