Moving out of PPR

Hi all I'm quitting well payed dead end job to start a trade.
I'm a Single home owner planning to rent out my PPR to pay the mortgage for 2 or 3 yrs and rent a room from a friend until.
It would be difficult to rent out rooms as I have only 1 bathroom and I think I'd rather not live in my own house with other people anyway.
Have no idea of tax liabilities have relatively small mortgage of 174k over 33yrs on property valued at 290k.
Would it be worth my while to go down this route could earn around 850 per month rent.
This would enable me to learn a trade and keep onto my property in the meantime, makes sense to me if the tax doesnt eat up my rental income.
Any advice opinions welcomed.
First post by the way so go easy on me.
Cheers

When did you buy the property and for how much?

Sounds like you bought the house 2 years ago. Were you a first time buyer then? If so you'd probably have a stamp duty clawback payable if you go down this route, due from the day you rent the place out and a CGT liability when you eventually sell. Also don't forget about PRTB registration.

Using the Rent-a-room is almost always the best route in these cases.

I bought nearly 2 years ago for 215 with a mortgage of 183.
I really think it would be difficult to rent a room when people have to share a bathroom.
I realise its the better option but I thought if I'm on a low salary c.225 p.w. and my mortgage interest is a high proportion of my repayments it might be viable to rent the house out?
As I said dont really have much knowledge of this whole area.
Haven't even got the job yet but fingers crossed.

I was a first time buyer

On a transaction of €215,000, it looks like you will be liable for stamp duty clawback of €8,600 (4%), due from when you first rent out the property.

However, this may be reduced if there was any VAT included in the €215,000.

There will be income tax payable on your rental income/profit (after allowable deductions).

You should also have a look at the Property Investment FAQ.

Thanks a mill will do.

As soon as I decide to rent do I automatically have to pay the full 4% stamp duty regardless of how long I am renting and If I am earning under the tax threshold would I not pay income tax at the lower rate or is rental income automatically taxed at 42%.
Sounds like the answers to those questions will make my decision for me.

You'll be liable for Stamp Duty as soon as rent is derived from the property. Regarding your tax, your taxable rent is added to all your other income and this determains your tax. you mentioned that you are considering starting a trade, at the very lease you will then be subject to a 5% PRSI charge on your rent.