<prompt> Human: I bought my 2 br 1 bath condo about 3 years ago, and I think Ive saved up enough since then to make a down payment on a new place and still have a bit of a cushion, so my goal this year is to rent out my existing place and buymove into another.Has anyone done this before, and do you have any advice on how to time up renting this one buying another so Im paying 2 mortgages without rent for as short a time as possible? Should I try to rent mine first, then start looking for a place as soon as I have a committed renter? Or should I find a place to buy first, and then put my existing condo on the rental market?In general, what do you landlords wish you knew or wish you had done before first renting out a property?Thanks for all the tips and for being such a constructive community!Edit: Answers to the questions asked below: Debt owned on existing condo: about 125K Size of cash reserves now: About 20K, with another 12K in a non-IRA investment account that I could access if needed Income just increased to 85Kyear this week! Cash reserves increasing by at least 1000month No other debts except a car which will be paid off in a few months Very solid credit 800 according to Credit Karma HOA has some restrictions on renting, but I know several of my neighbors rent and expect that I will be able to do the same Mortgage HOA fee are about 1100month; hoping to rent the place for about 1500month  <response>: First thing to find out is if the HOA of your condo even allows renting.If they do, I would personally want to have already found a new place before considering renting out my current home. But I would only do this if I were in a market with a reasonable demand for renters so I can be picky about who I rent to and hopefully get someone that wont destroy the place. 