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I'm not sure if I were in your shoes that I would choose renting out the place as an option. Not sure about your financials situation but can you carry two mortgages easily if your tenant moves out and or you have to evict them? Do you have enough to make repairs as needed? Being a landlord is not as easy as it seems. I'm not trying to discourage you but you might want to think about that too.
If I were you I'd get the place rented first. That way you can show the bank additional income. As mentioned before, the bank will still view your condo as a liability.
By the way, Meatkins, I am going to stick with the plan of buy first, then sell or rent out my condo, for what it is worth.
Reason is--it is surprisingly hard to buy a house right now. Unless you are quite well off and just don't worry about money--this isn't an easy time to buy, for reasons that have been spelled out quite well on this forum.*
Therefore, you might still be still looking for your house a year after you rented your place out. It's probably much cheaper to live in your condo then rent a place while you look (which is what I assume people expect you to do if you sell first--because if not, where are you going to live?) This is another thing for you to think about.
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