Two Unrelated Questions from someone new to real estate

[Farhan D.]

Background: I am 24 and started my job out of college remotely (covid) out of my parents home. There is no set move date for my job, but I'm expecting to get an email any day about return to office (late 2021, early 2022). 

1) I just bought my first property (Whoo!) as owner occupied, residential single family home in the suburb near my family house. The closing is next week. When my job relocates me to another state potentially early next year, I plan to rent out my home. Are there any stipulations stopping me, things to be aware of, like changing my insurance type or duration I have to live in my house before I can rent it out bc I didnt purchase as an investment property? I plan to move in and live there until I am expected to move for work, but I am planning ahead to make sure im not getting into any gray areas since I'm not sure how long I will be living there before I move across the country. Living at home after college is starting to get to me (need my own space) and I didn't want to move into an apartment because I'm not sure how long I will be in town and am interested in gaining the real estate experience to eventually grow to a portfolio of rental properties.

2) My parents are currently paying a mortgage on a home and we are considering a refinance on their home (if it makes sense) from a 15 year to a 30 year mortgage (they owe about 1/3 of current home value to the bank still), and rent this home out for significant positive cash flow, and move them into a new build in the same area. We aren't looking for a cash out refinance, just a lower payment for better cash flow on the property. When they go for the loan on the next house that they will be purchasing as owner occupied residential purchase, will they be eligible for a 5% down loan? or will they have to look for 20% down on the owner occupied because they will at that point have a rental property already? Long term, I believe the new build they can move into will appreciate strongly (suburb good public school, etc) with the intention to sell that home in 2-6 years.

Thanks in advance, any and all information/tips/anecdotes are appreciated. I am fortunate to have a good job out of engineering undergrad and want to create financial independence for my family.