Refinanced our primary and now we need to rent it out

[Michael Sockwell]

Hello BP community any help or guidance you can offer would help out my mind at ease. Backstory - recently upgraded to Pro and had a goal of buying my first official rental property. Up until this point all I have is a house hack. We began refinancing our house to get the money for the down payment and repairs needed. Found a property and had an offer accepted. During our inspection we realized it needed way more work and seller wouldn’t budge on price deal fell apart. We completed the ReFi and the cash has been sitting for 2 months.

- full disclosure we just had a baby and our current house isn’t function for a family of 5 with 3 bedrooms like we thought it might.

Now by chance we found a deal on a 4 bedroom house. My plan wasn’t to move and convert this house to a rental but now I have this opportunity fell in my lap.

All of these are sincere intentions and I’m not trying to do anything my lender wouldn’t approve of.

Do I have any options here or would any one proceed in my situation?