You do not need the services of a Realtor, you need to contact a local Property Management Company. Realtors help their clients to buy or sell real estate, Property Managers handle renting or leasing properties.... more
You will always sell your home for market value and right now the market is up in most areas. Generally speaking property management companies charge between 8-10%. Based on considerable experience I can tell you that they don't generally do as good a job as most property owners imagine and if there are issues that need resolution during the time their managing your property these cost extra.
If you are thinking you can afford to rent and still buy another home you may want to check with a lender, as you will receive no credit for the rental income for the first two years and hen only 80% of the net income. In order to buy a second home you'll need to be able to afford both mortgages on paper.
Also bear in mind you'll likely end up spending a between 10-20% of the rental income you recieve getting the house ready to show after the tenants leave as it's highly unlikely they'll leave it in the same condition it was when you turned it over.... more
Many contracts have a financing contingency, meaning that it's contingent upon your being able to obtain a loan. And if you won't be able to, that may be an out. Consult with the agent who helped prepare the contract and an attorney.... more