Rent is usually figured out by what comparable properties rent for. If you have an accountant, I would advise you to talk to your accountant first so you understand the changes in the obligations you will have, in particular to the IRS in switching from residential property to rental income property. If you are behind in your payments or in foreclosure, I think you have a legal and ethical duty to advise potential tenants that you don't know how long you will own the property. Look in the newspapers and see what similar properties are renting for and decide whether that will cover your mortgage. Then talk to an accountant. Best, Terry Bell, Realtor, CPS RE, Santa Rosa, CA p.s., I always appreciate you taking the time to give a "thumbs up" or "best answer" ! THX !