<prompt> Human: The lease on my apartment runs out at the end of February. The rent for apartments in this area is getting really high.Ive done some research on zillow.com and there are a number of Condos near my work going for 90-120k. Im single no kids, no pets, so I dont need a whole lot of space. 2 Bedrooms would be plenty. I also have the cash for a 20 down payment on a condo in this price range. Ive looked at houses too, but there are very few for sale and the cheapest are 180k. Im a bit short on money for the 20 down-payment there and wouldnt have left overs for repair. So here are a couple questions and extra details: Does taking out a mortgage for a Condo qualify me for 1st time home owners tax benefits, or does it have to be a Home? Condos dont seem to sell as well as houses. Some of the ones Ive looked at purchasing have been on the market 1 years! Im not looking to have a cheaper monthly payment per say. If rent is going to be 820 minimum and I could for a 30 fixed mortgage that would be 540 200 in property tax whatever condo frees there might be. Renting seems like a waste of money when the mortgage is so cheap. I cant tell the future, but I am fairly certain ill remain in the area for at least a couple years. Condo rules allowing, is it reasonable to turn a condo into rental property? If anyone has experience with that and wants to share please do.Just want to get a sanity check on this idea, thanks in advance.  <response>: I rented my first condo out after I bought a house. Ive made money off appreciation 80k 3 years but monthly have negative cash flow of 75 due to condo fees, taxes, community fees, insurance. I keep it because of amazing tenants that I dont have to worry about. If I didnt have them, I would sell. Condo fees are a pain in the ass, and sometimes you can it happened to me to the tune of 6k get hit with special assessments.My condo was in a hot market though, and it was a townhouse style. I would not suggest a condo unless you can unload easily or plan to not move for a few years so at least you dont get burned with realtor fees or stuck renting it out at a loss. 