I have a condo and in the future i would like to rent it out. My concern is if we leave it as a rental would me and my wife qualify for a second loan to buy a second home? Also is selling or renting our condo better? The home is in a prime Location (Valencia,California) near a community college, Shopping Mall, six flags magic mountain and a great school district.
Welcome to BiggerPockets! Whether or not you will be able to buy a second house will likely depend on your debt to income ratio. Do you know what that is? If not any qualified lender will be able to help on that front.
In terms of renting versus selling, you should determine what your condo would rent for and see how much of your mortgage it covers. If you are losing money every month it probably makes more sense to take advantage of the seller's market most people are in.
Rent Rent Rent! UNLESS, you need the cash :)