Often times when I am talking to a potential seller, they bring up the possibility of renting instead of selling.  That is always an option, however, one that needs careful consideration. 

When you purchased your home and took out that large mortgage, did you tell the bank this was going to be your primary home?  The bank could easily come back and change the conditions of your mortgage as you are not living there any longer.  Of course, the insurance coverage you need to carry now will be different and most likely more expensive.  If you move out and the home is vacant for a while, you need special insurance for vacant and unoccupied homes (expensive, especially if you have a pool!) Homestead exemption?  If you aren't living there, you will need to change that, which will increase your taxes.

Now, let's assume you find a tenant.  Are they going to take care of the home the way you do?  Of course they are the type of people who take the rental car in for a detail before they return it to Avis!  I am sure they will clean your carpets when they spill something and touch up the paint on that nick they put in the wall.  Oh yes, and the weeds will all be pulled from the garden and the a/c filters will be replaced each month to keep the a/c unit working properly.  Don't worry about the grout on the tile, it will be cleaned regularly and looking clean and bright.  Oil drips in the driveway?? They must have been there long before the tenants.   With all of these wonderful things going on in and outside of your former home, you are cash flowing it, right?  No............. you mean it is costing you money to have someone live in your home, make a mess, all the time we are in a down market and the value of your home continues to go down???  How could that be?????? 

Well, the lease has run it's course, the security deposit doesn't even come close to covering all the costs you have to get your home ready to sell, and the value is WHAT?????? 

Please give renting a good long look before you jump on the landlord train.  The ride is not what you might think.