How can we qualify for two mortgages when buying first rental?

[Kenzie McIlvoy]

Hi! My husband and I are closing on our cash out refinance and have the funding to use as a down payment on our next property. We refinanced to a conventional loan for our first home that we plan on keeping as a rental. We have found a house that we’re about to make an offer on. If we got this, we’d use our cash we got from the refinance to purchase and live in while renting out our current single family. The goal for this property would be to do a live in flip (cosmetics only) and at the end of the year move out and use it as a short term rental.

My question is, we have the money for our down payment and closing but how will we qualify for two mortgages? My husbands parents have been renting a bedroom from us for the past 5 months but other than that we don’t have renters history. We’re really eager to buy a new home and use our current house as our first rental but we’re a little confused on financing. Thank you!