Is it possible to rent our primary (only) home? We want to rent another place ourselves for cheaper .....?

We have a 30 yr fixed FHA mortgage and we have been in the home for 3 years. It's a condo with HOA. Factoring the HOA, our costs per month are $1650. The wife and I are curious if we can possibly rent out our condo (primary/only home) and then find a place to rent in a different location for only $1000/month for a couple of years. We could then be able to save money. Is there tax implications for renting our primary residence? Is this something that is simple enough for basic people to do or is there a lot of work/paperwork involved? I know we would need to get new/different insurance on the condo. Being "under" on the property doesn't allow us to sell the condo for several years and we are trying to find options... any help/suggestions would be appreciated, thanks