Condo-Rent or Sell

[Diane Fetters]

Hi all. I'm new here and there seems to be wealth of intelligent advice on this site! My husband owns a condo that we both live in. We are trying to sell it, but it would most likely require a cash buyer or a slim chance of a portfolio loan based upon the renters vs. owners ratio. Therefore, we are looking into the option of renting, which we have never attempted before. A major concern is lapse in renters (i.e. 2 mortgages to pay) once we are in a house. Our credit is great so the banks are willing to finance us for a house also. Any advice on making sure we don't cut our finances lean? And also, if-worst case senerio-we had to walk away from the condo because of no renters, could there be repercussions with our new home?