Hello, there are many factors to consider, but let's stay on what you are asking. First, you need to contact an area specialist Realtor and see the demand in the Hyde Park area if you decide to sell. If there are many units like yours and selling it will take 6 to 8 months, then you need to see what your finances will be to cover those mortgage payments. Second, if you decide the rent, find a Realtor that specializes in Rental properties. This individual will check references, employment, credit, bank statements, and even a paystub to make sure that this person will pay you on a monthly bases. Real Estate Brokerage normally charge 10% of the monthly rental to collect rent, have repairs done to $250, any more than $250, they will have a few estimates done for your review. Real Estate brokerage sends you your rental payment every month. As far as damage, there will always be a few nicks here and there, but look at the bright side..if you rent for $1000 as an example for only 2 years, that's $24K that a stranger paid down your principle balance and maybe the market will kick it up an addtional 6% to 8% in value. As far as taxes, talk to your tax advisor and the deductions you can benefit on. It's never a wrong move to rent. If you can keep this property for 15 years, it might pay off and you have some good money for other investments and/or savings. If you need further assistance, do not hesitate to contact me via Email and/or telephone. All the best!
Realtor / Mortgage Broker