Changing table schema on a very large table

Hi, I have a table with more than 700 million rows, I want to change the schema on that table from schema1 to dbo schema.

Before I do that in production I want to understand the implications of doing that. Will SQL Server create another copy of that table while it changes the schema? Will the table be offline? I am just wondering how many hours will it take to change the schema on that table since it being so large. Thanks.

sqldev