Convert existing home into a rental... How to?

[Jordan Hamm]

I've lived in my current property for 6-7 years now and I'm interested in converting it to a rental. There is another home in my neighborhood thats my same model renting for $900 more than my PITI. So it seems to me that I could make a decent profit renting it out.

So my question is how do I get approved for another loan since my family and I would obviously have to move? My current property has about a 70% LTV and I have about $50k in equity. I probably wouldn't be able to afford a down payment for a conventional so what would you guys suggest? Should I just stick it out a couple more years and continue to save for a down payment on another property? Or are there other types of financing options that I might be able to utilize since I'd be carrying two decent mortgages?

Any help/suggestions would be greatly appreciated!