Heloc on Primary but possibly moving

[Chris Roberts]

I'm looking to pull some equity out of my primary residence with a HELOC or home equity loan. However, if I find an attractive property, I would buy that and move into the new home and rent the current one.

Two questions: 

Would the HELOC or equity loan need to be repaid before converting the home into a rental?

Is it possible to get an HELOC or home equity loan based on current appraised value (we've owned it for less than two years)? One lender told me they would need to go by the purchase price since it was bought less than two years ago. This would obviously not work because we have done extensive improvements.

Thank you!