Renting our PRIMARY RESIDENCE in MN

[Mark K.]

We are looking at renting out our current home and buying a different house. Can we do that with no negative tax implications? Can we still get another house with the standard 5% down payment? Will this affect our ability to borrow for more properties? We do have a bank set up that has a line of credit set up on 3 of our 8 rentals that are paid for. We would rather finance the new house and rent our current one out-which would make 9 rentals total.