Temporary Renters?

[Andrew B.]

Hi Guys I havent been around in a while but I need some advice in the situation I'm in.

I bought a condo last year, its beautiful, top floor 2 bedroom, 2 bath , 3 years old. I was planning on living in it for 5 years or more until I moved onto a house.

But I got injured at work and developed CRPS in my left arm which sucks, I can't do construction anymore, and I'm being sent back to school on disability, and plan on doing a Business Degree. With all of this happening I decided to move back home to be with my family (3500km's away) on the other side of Canada.

So I really need advice on what to do with this property. I need to leave to start school in about a month max. I have talked with a landlord who would take care of it. She charges half first months rent and 10 percent of each month. Which would net me a loss of about 200 dollars a month.

Or I could sell the property and basically after realtor costs and prepayment penalty I'd be pretty close to breaking even after spending 10,000$ on a downpayment last year.

I am actually moving back home with family so I will not be paying rent and I can handle paying a 200$ loss for the time being but I was thinking I will keep my eye out for a Rental Investment Property down home and when I see one I can "transfer or port the mortgage". Like a duplex or something, That way I keep my mortgage going, I wont have to come up with another downpayment , pay any penalties , or mortgage insurance again.

Does this sound like a good idea?

I havent talked to the landlord lady about thinking of selling it yet though? Has anyone ever rented a place out with intention of selling it in 6-12 months? How much notice do I have to give the tenants?

Thanks guys, I apoligize if I'm pretty confusing, its a rough time right now.

Andrew