You may want to consider that many mortgages require the owner to live in the property for 1 year prior to renting it out.
Make sure that when you do the financing, that you get the type of loan that does not require an owner occupant. FHA loans require the owner to occupy the property for the 1st year.
You may want to consider putting down 20% or more and doing a conventional loan rather than an FHA loan.
Also, check with the condo association to see if rentals are allowed and what percentage of units in the condo complex are allowed to be rental units.
Kat Becker, Realtor
Estates, Residential, Commercial
Prudential California Realty