Keeping First Home as Rental While Upgrading To A New House

[Gregory Heddaeus]

Hello,

This is my first time posting as I am new to this site.

I am currently searching for a new house and I am trying to work it out so that I can keep my current single family house which is in a good rental area while still buying my wife the house she needs for our growing family.

What are the restrictions?
Do I have to notify my current mortgage company of my change in use?
I also own a small real estate business with a partner and I thought of transferring the house into the companies name? Will my mortgage company require me to acquire a new loan in the companies name and pay my loan off in full? Can they simply transfer the title and current loan into the companies name?
Are there closing costs associated with any of these options?
Do I have to have the new tenants moved in before I can finalize my loan on the new house?

I appreciate any feedback. More questions to come as I advance through the process.