By Patricia Mertz Esswein
Kiplinger's Personal Finance

      If you're having trouble selling your home, renting it until the market turns around can be a good financial move — if you don't need the equity right away to buy another home.

      But before you decide to become a temporary landlord, you'll need to crunch the numbers to see if a monthly rent check would cover your mortgage and other expenses. How much rent should you expect? For a quick read on the market, go to the rental listings in the classifieds or visit Craig's List (www.craigslist.org).

      Before your tenants move in, you'll need to buy fire insurance that covers the structure and contents of the rental property. You won't need more liability coverage, but you should extend your current homeowners liability insurance to cover two properties, which could cost as little as $15. If you're going to be a renter yourself before buying your next home, you can buy a renters policy that will cover liability on both places.

      On the plus side, you'll be entitled to tax breaks, including depreciation (you can write off a portion of your home's cost basis, or the price you paid, each year over 27 and a half years), plus deductions for maintenance and repairs (see IRS Publication 527, Residential Rental Property). And keep in mind that you are entitled to a capital gains tax exclusion — on $250,000 of profit if you file a single return and $500,000 if you file jointly — when you sell the house, but only if you've lived in it two out of the previous five years.

      If you bought in a hot market with a minimal down payment during the recent run-up in prices, the monthly rent check probably won't cover your expenses, says Ron Thompson, of Windermere Property Management NW, in Seattle. If the numbers don't add up, you'll have to decide whether to take the hit a little each month or all at once by accepting a reduced price for your home. To keep your options open, try to sell and rent your home simultaneously.

      Unless you want the responsibilities of a landlord, hire a property manager. For a fee of 6 percent to 12 percent of the rent, a manager will find and screen a tenant, negotiate the lease, collect the security deposit, take the tenant's 2 a.m. distress calls and ensure that you adhere to a raft of landlord-tenant laws. (To get up to speed on the issues, consult Every Landlord's Legal Guide, $45, from Nolo Press.) You may be able to find a property manager through your real estate agent, or search for a local member of the National Association of Residential Property Managers at www.narpm.org.