Feeling Lost - First Property Looks Cash Flow Negative :(

[Tim L.]

Hello Bigger Pockets!

My name is Tim, a new member of the community. I eagerly want to learn as much as I can from all of you as I begin learning the ins and outs of real estate investing.

Unfortunately, I am realizing that I made a poor decision when I purchased my first property. I purchased a 2 bed/2 bath condo in my area with the intent to live in it for a bit before ultimately renting it out as my first investment property. Now, looking deeper into potential expenses, it looks more and more like my purchase will be cash flow negative on a monthly basis.

My question for you all is this - have any of you been in the situation? Have you thought that you had a decent rental property, and then came to realize that you probably will not be cash flow positive based on what you can charge in rent? What did you do? Should I abandon ship and sell the property once it is time for me to move out of it?

I learned a valuable lesson here and realize now how poor my initial analysis was. Looking for some advice, tips, or motivation! 

Thanks!

Tim