Possible lost iPad. Erase content? Will I lose 'locate my device'?

Yes you will lose the ability to locate it. See the quote below from If your iPhone, iPad, or iPod touch is lost or stolen - Apple Support

Erase your device. To prevent anyone else from accessing the data on your missing device, you can erase it remotely. When you erase your device, all of your information (including credit or debit cards for Apple Pay) will be deleted from the device, and you won't be able to locate it using Find My iPhone. After you erase a device, you can't track it. If you remove the device from your account after you erase it, Activation Lock will be turned off. This allows another person to activate and use your device.

I have kinda the same problem. I lost my ipod and I used the find my iPhone to find it but it says its offline. Is there any way I can find it? Will the apple store be able to locate it if I go there? Plz someone help me am kinda freaking out.

Thriya123 wrote:

I have kinda the same problem. I lost my ipod and I used the find my iPhone to find it but it says its offline. Is there any way I can find it? Will the apple store be able to locate it if I go there? Plz someone help me am kinda freaking out.

If it is offline there is no way to locate it electronically and the Apple Store won't be able to find it either. Offline indicates that it is either turned off or not connected to the internet. The following link has some other things that you may want to do: If your iPhone, iPad, or iPod touch is lost or stolen - Apple Support

My wife cannot locate her IPad mini in the house, how do we "Find the IPAD?"

You can use a computer and log in to iCloud.com and go to the Find My iPhone app there and if it locates the iPad you can have it play a sound.