Using an existing lease at a Duplex to qualify for Financing

[Jared McKie]

Hello, 

I've identified a Duplex that currently has two tenants renting both sides. One side rents for $1,000 and the other for 1,200 per month. The existing owner is an old colleague looking to sell due to he's not living in the area anymore. My plan would be to buy the property and live in the side that rents for $1,000 per month Thus terminating the existing lease on that side and keeping the other side rented. The tenant that lives in the $1,200 per month side has lived there for 5+ years. 

My question is does anyone have experience with any specific Lenders in the Minneapolis area that will consider the existing lease when qualifying me for financing?  This would be conventional financing, 30 year term less than 20% down if possible. Any recommendations are appreciated!

Thanks,

- Jared