I would not recommend renting the condo if you can't show a net profit and pay some tax on the income. That's the whole point anyway. Renting to get a paper loss that you can use to reduce your other tax has rules, and isn't worth it. (Showing a profit of $1000 and paying $250 tax leaves you "up" $1000 compared to showing a $1000 loss and deducting it from your other income.)
If you are renting at a loss you aren't charging enough rent, and if the market won't bear the rent you want to charge you should probably just sell it, or leave it empty if you want to keep it as a second home and home it appreciates in value.
