Have to FIND TENANT & LEASE before closing my DUPLEX?? First Time Buyer

[Account Closed]

I am about to put an offer in for a duplex in Austin and my lender informed me that I would have to have a rental lease agreement showing the arrangement is in place for at least $1700 rent for my tenant (because I am using the projected rental income as part of my loan) BEFORE CLOSING.

(Currently 1 tenant there on a “month to month” lease for $1450 which is too low for me to qualify). 

So when I don’t even own the house, I have to go take pictures of the inside and have a listing up to find someone and vet within 30 days/before closing??

Is that true??? I was hoping to use the vacant unit for Airbnb or mid term rentals instead…