Financing a duplex, loan contingent on getting a renter?

[Ian F.]

Hello all,

I am looking at a turnkey duplex that is $165,000 and my mortgage broker says that my DTI would be about 3.2% points shy of qualifying for the FHA loan. I have no co-signer, so he said he could do a deal where the mortgage is contingent on having a renter in there (one renter would cover 70% of the monthly rent).

Has anyone done a deal like this before?  Would it be wise to seek a private investor?

Thanks in advance!