West Coast Purchasing options

[Gray Gnat]

Hi Everyone!  I'm trying to figure out what my options are so any help would be greatly appreciated!

Our family is looking to move to the west coast in the next few years.  I'll need to stay at my current job for the next 4 to 5 years.  What I would like to do is:

1. Go ahead and purchase a home where I would like to move

2. Rent it out for the next few years until it is time to move (use rent money to pay mortgage while also putting 4-5k on top a month).

3. Sell current home when it's time to move and put that cash on the mortgage.

Here is the current situation:

1. Current home is paid for (valued around $300k)

2. No other debt (family take home pay around 8k a month)

3. Minimal cash on hand (around 50k)

4. Real estate where we would like to move is pretty expensive (New house would be between 750k and 1m)

Based on that, is there a way I can go ahead and purchase this home and start renting it out?  Could I use my current home as collateral for the new mortgage?  It is possible we are eligible for a low down payment loan but I'm pretty sure those only apply to primary homes.  I would assume the bank would consider this new home to be an investment property.