If you wanted to buy another property for investment purposes and use the rent to offset the mortgage, you'd need to show two consecutive years of Schedule E rental income on your tax returns to be able to use those funds for qualifying.
P.S. If you found my original post useful, please give it a thumbs up or preferably, "best answer" as that's how we get credit for our helpful efforts. :)
Thats good news. The point would be to temporarily rent something cheap while searching for a new home and saving a more substantial down payment. In the meantime renting my existing condo to cover the existing mortgage. I was just nervous that I wouldn't be able to use the condo rental income as qualification for a new loan, but from your answer I should be ok.