Austin condo-15 year or 30 year mortgage

[Alice Cui]

Hi all, I recently had an off market opportunity to buy a condo (less than 5 years old) in tech ridge corridor. I have researched the debate between 15 year vs 30 year mortgage but still have some questions: 

Pro for 30 year:

Almost break even for cash flow, PITI is about $50 north of current monthly rent; I will use the condo as primary residence but will consider renting it out in the future

Pros for 15 year:

interest rate is 0.5% lower than 30 year rate, but there will be extra $500 cash outflow due to shorter payment timeframe

I did come across an article arguing that with 15 year loan you could build your equity faster, and you can use the equity in one property to buy another.

My situation: This condo will be my 1st property, and I am planning to buy an investment property within 6 months in Midwest or New Braunfels, TX based on current research. Hopefully starting to build a portfolio like other investors do in the forum. With this goal in mind, is there anything else I shall consider in deciding 15 year vs 30 year loan?

I would like to build a long term relationship with local lenders, currently I am talking to Chase, UFCU, RBFCU. Looking forward to more suggestions!

Thank you all!

hority - G20