Second home mortgage vs investment property mortgage

[David Rosengaft]

Good afternoon everyone,

I have a home that currently has a second home mortgage on it. We rent it on AirBnB and VRBO. With the real estate market going up, we have extra equity in the home now. If I were to refinance this home into an investment property mortgage, would I be able to purchase another home in the same area as a second home, since at that point I have an investment property but no second home in the area? We still meet occupancy requirements for the second home mortgage, so at the least we would refinance to remove PMI and take some cash out.