Can I buy a second home and rent out my current home?I own my home now. We owe appx 158,000 on our home that is worth 185,000.That monthly payment is 1050/month (no escrow)Monthly Debt is 1840/moMonthly Gross is 9166/ monthHusband and I both have mid 700 fico.Found a bank owned property listed for 285,000 but worth 420000 based on tax appraised values. We would love to be able to take advantage of this incredible buying power right now. Just getting this process started and dont know if I am wasting my time.December 15 2011 - US1YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.