Purchasing first condo but concerned with future negative cash flow

[Catherine Frederick]

Hello everyone - I'm seeking advice:

I'm finally at a point where I can purchase my first entry level condo in Los Angeles County. I will likely want to live in the home for two years to avoid long term capital gains before renting out the unit & using the equity to purchase another property for myself. My concern is that currently, the monthly mortgage payment (~$2,700) will be higher than average rent for a 1 bedroom (~2,400). 

Am I making a mistake purchasing a condo where I will have negative cash flow when I rent it out? Should I count on rent going up in coming years & count on the condo appreciating? I'm new to this so any advice would be much appreciated!