Moving out after a cash out refinance
Me and my wife are in the process of buying another home. I own the house we live in now and would like to keep it as rental property. Before renting it out I would like to get some renovations made to justify a higher rental income.
My question is if I want to use a cash out refinance to pay for the work do I have to disclose that this will be a rental property in the near future and is there anything preventing me from making the property a rental. I know that for a regular mortgage you have to live in it for a certain amount of time and was wondering if this was a similar situation.
I’m in Texas if that makes any difference.