Keep in mind that renting your home will come with responsibilities. The majority of first-time landlords wish that they had never taken the leap. A landlord's obligations vary depending on two things; 1) Your state laws; and 2) Your written rental agreement. The answer to your second question, in most cases, is yes. There is nothing prohibiting you from having more than one mortgage in your name. I have many outstanding mortgages, as do most real estate investors. The ultimate decision will be based upon many factors, including your credit score, proof of rental income, etc. You may also want to look into a new program offered by USA Home Buyer called the Home Mortgage Loan Assignment Program (HMLAP), which allows you to sell your home with the existing mortgage in place. Attached is a link to the article. Best wishes!