For tax implications, I would consult an accountant as realtors are not tax specialists.
Let me ask this, can you carry a mortgage plus rent if the tenant walks out on your or you experience vacancy? Do you NEED to move or would moving just be nicer? Reason I ask is this could be risky to rent out if you cant carry both places. Also If you sell for a loss, do you have the $ to bring to the table to close the deal?
If you can carry both places, why not sell for $380,000 and carry the note yourself? Consult a real estate attorney to discuss this but you can use www.bankrate.com to get an ammortization table to show you how much you can make over the life of the loan.