Can you rent your current home for a high enough dollar amount to cover the mortgage?
If your renter decides to leave can you cover 2 mortgages for as much as 3-4 months and make repairs to the home to cover the damage done to the home by the prior tenant in the event that they trash the place and do a lot more damage then their deposit will cover?
Can you keep enough money in the bank to cover emergency repairs like a leaky roof, busted fence, blown out water heater, A/C condenser, furnace, and etc? If something in the house breaks you have to get it repaired immediately, if not it is grounds for the occupant to walk out of the lease.
I've been thinking about picking up some condos here in the area and renting them out but I'm finding that I need to have a minimum 5K-10K sitting aside for emergency repairs or any other type of situation that may arise.
What he said! And, if ya rent it screen, screen, screen your prospective tenants.....it will pay off in spades