Unless you are unknowledgable, my bet is you could make more from rent than sale, and still have the benefits of owning the original home while you go do something else.The 25K you have left in property will be netting you(gross) of $350 mo or 4200 per year.

I was interested in something like owning a rental property as a way to generate some additional income. 

Additionally, we have equity of approximately $145,000.Now, we are faced with a dilemma: should we sell our current property and purchase in a more favorable neighborhood, or should we rent the house and let it pay for itself.We would greatly appreciate any advice you may have.

Can you share some additional numbers about the investment property you're looking to buy?

You don’t get to just expense the additional real expenses.

I also want the seller to sign, just to add its own confirmation to the tenant's statements.

Also if the whole property or the yard is fenced then an additional barrier fence around the pool itself isn’t required.

With one successful flip under my belt, I'm eager to connect with fellow investors and expand my knowledge and network in this vibrant real estate market.In addition to my passion for real estate, I’m also a skilled electrician.

I like this, bet on the jockey more than the horse kind of situation.

When it comes to housing, the FHA rules apply in addition to those of your state/city.