Purchasing a new primary residence and renting out your old one

[Yasser Rodriguez]

We are currently living in a primary residence that we closed on in May 2022 and moved into June 24th 2022.

Our primary home mortgage stipulates under occupancy clause: that we move into the house within 60 days of closing and occupy the residence for at least one year.

After that year, we were hoping on purchasing another primary residence closer to my

Job (30 miles away). We would love to rent out our current primary house as a long term rental.

Would we have to refinance if we fulfill that occupancy requirement? Also, in this scenario, could you quitclaim the property into an LLC?

Thoughts? Thank you - immensely grateful to the BP community.