Do I need income to refinance a property if it cash flows?

[Jakob Claret]

I'm a college student looking to close my first deal before I graduate in December. I'm getting a loan from a family member for the 20% down payment and will use a non-conventional lender for the other 80%. My plan was to refinance it with a lower interest loan once acquired so I can pull out money to pay off my family member.

I know there will be a seasoning period and I will have to wait until I have enough equity in the property, but what I'm more worried about is qualifying for the loan. I still likely won't have any earned income other than the cash flow from the property. Is that going to be an issue or will a bank like Wells Fargo or Chase be okay with refinancing as long as I can prove I have tenants paying off the mortgage?

Also, is there any other giant pitfall that I'm missing here?

Thanks!

[Elise Marquette]

@Jakob Claret sounds like a DSCR Loan might work well for your needs. Instead of using any of your personal income, it just uses the rental income from the property. You can close in a business entity as well.