Keep the condo or Sell it?

[Jamie Farrah]

Good morning everyone,

I would like some advice. I currently own a 2bed/2bath condo that I purchased back in 2011 for $95,000. I refinanced a couple of times and took money out to remodel the whole place. I now still owe $95,000 with about 10 years left on the loan, however, the condo is now worth $225,000. Now married, we are looking for a house to upgrade but the equity in the condo would be our only means of a down payment. 

The question is; Should we try to find another way to get a down payment(family, etc) and keep the condo and rent it out as a long-term lease or should we just sell it and get the equity out of the condo now? (We could probably get about $1350/month in rent.)

Thank you for reading my post and I look forward to the advice.