Refinance question without a 12 month lease in place

[Joe S.]

Refinance question. On the refinance of the BRRRR strategy it appears that a person would need to have a renter in place with a 12 month lease. Is there any work around on this? I have a property that is recently rehabbed and I would be curious to try my hand at a short term rental with it. Therefore I would not want a regular renter in there for the first year. I talked to one loan officer and he said that I would basically have to start off with a standard renter and then once the refinance was a place I can do what I want to with the property. Of course I already knew that I just didn't want to start with a standard renter.

[Caroline Gerardo]

No you don't need "a standard renter" but Underwriter is not going to use proposed income from STR to qualify. Appraiser will do a rental survey and that's the real number. You can qualify for a mortgage with MANY types of documentation. Full doc (IRS taxes 2 years); or bank statement deposits for 1 12 or 24 months; or debt service ratio; or asset depletion...