Convert primary to rental & land trust(?)

[Michael Lemieux]

We currently own just the house we live in. We have substantial equity in our current home. We were hoping to refinance our current house, pay off the existing mortgage and convert it to a rental. I was told that I would not qualify for two mortgages, even w/ the first house rented.

If we put our current property in a land trust, will it help w/ qualifying for the second mortgage? What about a portfolio lender? Does it cost a similar amount to place a home in a trust as it does to close a deal?

Thanks to every one hear for your knowledge and input. Love the site.