Condensate inside of a motor primarily comes from cycling the motor on and off in an extremely humid atmosphere. You'll get condensate in a motor, say on a boiler flat or in a pump room of a factory where the ambient temperature is 110 degrees with 90 percent humidity. You'll know, because every metal surface in the whole place will be wet and rusty. It's the kind of room you walk into and get immediately filthy just standing there.
Even in such an environment, your $200 motor will last several years until the bearings rust out and the grease dissipates from the bearing. That is what kills motors. For every motor I've ever replaced where the windings shorted or broke down I have replaced 20 times that amount because the bearings failed. On little motors (less than 5HP) you're only going to find sealed bearings anymore. When the bearings fail, the motor stops. It's not even worth replacing bearings on a small motor. You chunk it and put in another one. Once you get to 5HP or so it becomes worth the effort to replace bearings. If the motor has a cast iron frame (it looks like it has big fins all over it) you can replace the bearings. If the motor is a rolled steel frame (looks like a coffee can) then that motor is effectively disposable. That is a broad generality, but it's a pretty good guideline. Sure, you can replace bearings in any motor. I'm saying that in a cheap little rolled steel motor that by the time the bearings are shot so is the rest of it.
Now, speaking practically:
In all practical terms, so long as the motor is the right type for the application then it's just not something you need to ever worry about. For example: the most ubiquitous small horsepower motor is going to be type TEFC.
TE - totally enclosed
FC - fan cooled
Being totally enclosed means that the motor is pretty much drip proof and dust proof. Water falling on the motor won't hurt it, but it's not waterproof, so it cannot be submerged. In just about any conceivable application, this motor is going to be fine even left outdoors. Most of them have rolled steel frames and they will rust over time. Running them does dry them out and keeps rust at bay for a very long time.
You can take it a step further and get a motor that is made for "Wash Down" applications such as food processing where they stop the production line every eight hours (whatever...depends on what's being produced) and they wash the whole place down with foam and hot water sprayed from high pressure hoses. These motors can withstand all of that. They are very expensive.
In the big scheme of things, unless you are doing something in an extremely demanding atmosphere, your typical TEFC motor is going to take a licking and keep on ticking. You don't need to do anything. It can sit for long periods of time without running. It can sit in the sun. It can handle the rain. Cold won't matter.