Is a Mortgage Re-Classification Recommended before Next Purchase?

[Darren Elliott]

I bought a condo in 2018 as a Primary Residence, then a few months later I got a new job a few hours away, and so I rented out the condo and lived at my parent's house. Now I'm looking to buy a multi-family property next and live in one of the units--do I need to refinance that condo into an Investment Property so that I can buy the new multi-family as a Primary Residence?

What are the implications of doing so? Is this a practical strategy, or is there a better way to structure this?