Posted by Mike on September 14, 2004 at 12:24:50:
I suggest getting your Home Equity Line of Credit (HELOC) established prior to having it rented. I am not sure how you qualify your prior residence as an investment property. My guess (and I stress, GUESS) is that the fact that you are renting it out qualifies it as an investment property. You will need to show your lender a signed lease before you buy your owner occ home.
I hope that helps.