Keep, townhome is good as rental.

First, how much is HOA?  If a townhome has a low HOA, it is good as rental because the maintanance is relatively low. 

If you can downpay 350K without selling the house, you have too much cash. Don't worry about too much loans.  

Open a HELOC account on your old house before you move out.  That will give you access to a lot of cash in case you lost your job. 

You can try to rent for three years, if you don't like it, sell it before three years ran out and you don't have to pay capital gain.