If you don't want to pay income tax, just leave it empty. (Of course, you won't have the money.)
On personal property, you can deduct all your property taxes, and you can deduct mortgage interest on a first and second home.
Once you convert a personal home to a rental, you must pay tax on your net income (profit after expenses). Your expenses include mortgage interest and property taxes, but also hazard insurance, utilities you pay, repairs and maintenance, condo association fee, etc.--things that are not deductible when they are personal expenses but are deductible when they are related to generating income). You also deduct depreciation (basically wear and tear). Depending on the rent you charge, you should still make a profit, and you pay tax on the net profit after expenses.
If your expenses are more than your income, then you have no profit and pay no tax, but in that case you should probably sell the condo outright instead of renting it (as a financial matter, not a tax matter).
