Can’t sell my condo but want a house, help! (NY)

So this is a follow up to my other post about my condo value not rebounding. I'm now stuck in the condo that's worth 2/3 of what it was, but freshly married with hopefully a baby soon on the way and nowhere near enough room in one bedroom condo. What is my best course of action? I know the condo will be held against me when trying to get a mortgage which sucks. I want to rent it and just hold onto it as a long term investment, but I won't show that rental income for 2 years according to new laws. Do I rent the condo out and rent an apartment for 2 years? Do I hope the 175K I still owe on it doesn't effect my chances to get a 400k+ mortgage? Household income around 160k, do I just try to save for a huge down payment to offset it? Are there any loopholes with the rental?

More real estate tips at Program Realty Wix site


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