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Renting can be a risky business, you can't afford the risk, it could bankrupt you, sell the house and move on.
You will likely lose some money selling this soon after buying the place. Next time don't buy a house unless you will be living there long enough to earn back the upfront costs of buying.
I would suggest you NOT hire a management company. My daughter did, and they nearly bankrupted her in 6 months by using up all of her reserves for "emergency" maintenance that didn't need her permission or even to notify her - if they considered it an "emergency." They hired friends and family and charged outrageous amounts for crazy things like changing lightbulbs - you wouldn't believe it. They didn't finally notify her of another "emergency" until they'd used up all the reserve funds she'd given them. Thousands of dollars.
The only scenario I could think of where you don't sell, is if your parents live by your house and they are willing to go into the rental business with you on that house. If they can invest in it so you wouldn't bear losses on your own, and they'd be willing to manage it.
If not, then sell it. You just don't have the reserves to hold onto it and handle any losses.
Thank you everyone for the advice! I will have to see if I can get a relocation package to cover some of these issues. My parents do not live nearby and I would have to use a PM company if I was going to rent. I emailed a bunch of places today to get a better idea. I need to also check my mortgage to see if there are any repercussions for selling/renting so soon after buying.
I didn't plan on leaving this area, hence me buying the house. Things have happened beyond my control and I need to look out for what's best for myself and my career. I do have a potential opp in this area so I'm hoping that will pan out because ideally I would like to stay here. If that doesn't work out, I need to be prepared hence me doing all this research right now. I hate being in this position.
Just an update. I went through all of my paperwork and there are no repercussions for using the house as a rental so soon after buying. I reached out to a few different property management firms and found one that I really liked. They definitely put my mind at ease and made me feel that renting as opposed to selling would be a better option right now. They could list it for sale as well, so that is another option. Right now, I'm just waiting to see how everything else falls into place before I make any decisions. This PM company can get me up and running in a day so if I do end up having to make the decision to move, I know I can get set up with them right away to find a tenant as quickly as possible. Based on my mortgage, we believe I can raise the rent and turn a small profit (which will likely just go into emergency funds for the house if something were to happen). Since my house is in such a desirable area where rentals are basically nonexistant will work to my advantage as well - they have full confidence it will rent quickly.
Again, not making any decisions. Still talking to others about potential to sell. I want to explore all of my options to make sure I'm making the best decisions. Really appreciate everyone's advice, thank you!
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