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HOw about this.

Take as much equity as you can out now. Use the equity to put down on another home, the soon to be personal residence. Refinance the old personal residence loan, including the refinced amount as an investment property.

Now, the main problem is carrying costs. If you can't afford to finance the funds (mortgage #1 + 2nd on old home at new investment property rate) from the cash flow generated from renting, the don't move or don't rent.

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