Can I attempt secure financing based on potential lease?

[Landon Elscott]

In our local area, we have a Facebook group specifically for people looking for rentals and landlords looking to rent. The demand on that group is very high and it appears that at least for that particular page, there are far more people looking to rent than offering housing.

This brings me to my question as I look for financing my first property. Let's assume, I see a person looking for a 2 bedroom home at $700 a month and hoping to move in sometime in the next couple months.

I just happen to be looking at such a property and aiming to purchase. Could I potentially sign a lease contract with a tenant on a property before I own it, pending my purchase of it? If its possible, then it would allow me to go to the bank with a signed year lease to say that I already have a tenant lined up and income lined up in advance and that could be benbeneficial.

If the financing is secured, the closing date occurs and the tenant moves in. I'd be sure to set the closing date a few days before tenant to take possession. If the deal falls through, then the lease contract is void. Is this possible?