the real possibility of selling your home for how much in your market and based on the type and condition of your current home and what you still owe to the bank.
Then see what you could potentially and realistically rent it for, how busy is the rental market in your area, and can you hold on to the property if for 3 4 or 5 months after one renter leaves there is no
Careful very careful, work with an area Realtor, who knows both well the selling and the renting market.
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The decision to rent your home for cash flow or sell it is not a tricky one. One will (may) bring you a somewhat steady stream of income, while the other one, selling the home, means cashing out. Based upon the current rent rates in your area, you can assess what your "income" might be. Based upon the current value of the property (I recommend a CMA from a real estate professional), and what you owe on the property, you can assess what profit you may gain from selling the home.
So the question really becomes, do you "cash out" now or keep it and get a slower "cash out" in the form of rent, and hope the equity will continue to increase. Remember, no one can guarantee you increased equity. So I don't think anyone on this thread would be able to answer that for you.
Now the purchase. If you are able to purchase in this current market, you would definitely get the best price at the best rates, no doubt. But you mentioned that you were going to be ready in six to eight months so that you can save toward this new purchase. This means more of your own money going out. What are you trying to achieve? Savings? Future equity?
I recommend you sit with a financial planner and discuss your personal financial goals which will include more than just the real estate, but will also help you see how you should hold your real etsate assets to help you meet your future financial goals.