That being said if one of us loose our job or get into any unexpected expenses it is nice to know we have the cashflow to fall back on if things get tough. 

I would recommend renting it out for 2 years and then sell since you will still qualify for capital gains exemption - you will build equity and gain on the appreciation without loosing a whole lot from your pocket.

Be prepared that if you are bound and determined to buy in the current market you could very well end up with the house appraising for less than you are offering, and would have to come up with the difference CASH (if this is a surprise, PM me for a full explanation). 

Great house just a lot of loose ends. 

Scenario - I own a home and also own 10 acres, I use the term OWN loosely.

@Theresa Harris I have been following Dave Ramsey’s baby steps loosely for a little while now so I am trying to pay them down faster for sure.

Therefore I think you will either need to be loose with your tenant base, accepting higher risk tenants, or expect more vacancy.  

Separately, many argue that loose monetary policy actually benefits asset owners...low rates, booming asset prices (stock market and real estate), and inflation.Forget about the left and right and focus down the middle on what you can control...keep gobbling up those tax deferred, cash flow monsters!

However, if the market/economy were to crash 20%(including rents) it would likely rent for $2200/mn and I would essentially be breaking even, or loosing money if a big cost expense were to happen.

You learn to pay attention when you loose a closing on a listing you have been working for half a year on because the lender is being stupid.