Living in an Investment Property

[Patrick Mullin]

We are currently looking at moving out of state and due to the recent/newer covid lending requirements we need 2 years of employment(only one of us will have that if we move), but can easily buy and afford a second rental home/condo in another state. Can we get a loan for a rental then move there in a month or two?What are the rules/laws on this? I know for a primary residence you need to live there for a minimum of a year unless there are some sort of special circumstances, is this true for a rental? I have googled this for hours and cannot find an answer to this question. We can put 20% down on a out of state rental and the lender doesn't bat an eye but if we want to move our primary there it turns into a mess and is then extremely difficult/impossible unless we want to pay cash and that would not be a smart move.

I thought going hard money might be a route but then Im gonna get slammed with a bigger interest rate, we could rent for a few months but that's like burning money.

Any suggestions?

Thanks,