I'm leery but open to the idea, as it obviously eliminates a tenant search and possibly vacancy.

Hello, I just bought a house w/ a mortgage of 30 yrs. + 4.5% interest rate, 3% down. The loan amount was for 235k.My P&I = 1,194 / moPMI = 86 / moIf I don't make prepayments, then I can get rid of PMI in 10 years....

I have no debt except for my mortgage and 3 kids (LOL). 

I’m single. 0 debt. 

Chapter 13 involves negotiating down debt (credit cards typically are 10 cents on the dollar) and paying it off over a 60 month payment plan.

Rental income and interest from loans made by the IRA to others are fully tax sheltered.If debt-financing such as a mortgage is used, the debt must be non-recourse and the use of debt does create a small tax liability on the portion of the income attributed to the non-IRA (borrowed) money. 

It's better to start with a no, and be convinced of a yes  If he has debt on the property, and new loan would make you in second position. 

And recourse debt instead of non recourse.Plus its the most competitive.

However what the bank would be concerned with is your cash flow and debt to income ratios.

If you are living in the condo and have decent income and ok debt to income ratio I would get a conventional loan on a rental property and leave the condo alone.