Assuming that you do not have a lot of equity in your home, and that in this market you are not going to be able to sell your condo for more than you owe the bank.... you will need to crunch numbers and figure out, if you
actually a) are allowed to rent in your building b) for how much you potentially could rent it out c) would you cut even with the rental income to pay all your expenses loan and taxes and assessments?
Furthermore discuss with your lender or several lenders, if you actually rent (how much equity is needed in the current condo) and will you then still get a loan for the purchase of the next property, and do not forget to consider that your rental income is taxable income!
So without exact numbers it is hard for us on this venue to give you good advice!
A Realtor can help you with the information on how much rent you could rent it out for.... and the lenders
can help you whether this is from the lender's stand point workable for you...
Good luck to you!
Edith YourRealtor4Life and Chicago Connection
Working always in the very BEST interest of her clients