Short Term Commercial Loan while Renting Primary Residence?

[Jaime Brame]

I have my primary residence on the market now, but if it doesn't sell the way I'd like, I may have to get creative. I say "the way I'd like" because I have a certain amount of equity I want to get out of the home. 

What are your thoughts on refinancing my primary residence, renting it out, and taking out a commercial loan to move into for a year? I don't even know if this is a possibility (pretty sure it is) but thought I would put it out there. This home I would work on for a year while house hacking then sell. In the mean time, I will have someone in my "primary residence" to use as income and be able to buy another personal primary residence after a year.

Why don't I rent out my current primary residence and buy another home, you ask? Because my W-2 income doesn't allow for much wiggle room (nothing that I would like to live in anyways) on purchasing a second home.

Thanks in advance for suggestions!