Financing ideas for converting home to short term rental

[Sean Burns]

Hello everyone, I am new to investing and need advice. My wife and I live on cape cod and we are in need of a larger house due to growing family. We have decided to keep our current house and turn it into a STR, our market is great for them and we will be able to manage it our selfs.

The issue we have run into is that our bank will not allow us to finance a new home until we prove our current property produces rent, and it has to be seen on our W2’s. In this case we have to move out to no where so we can rent it out, would be easy in years prior but not with to Small kids.

We don’t want to give up on this dream and aren’t giving up. So, has anyone run into this before? Is there something I’m not seeing for a strategy? Any advice would help thank you.