I reached out to the individual marketing the deal to schedule a property viewing, but they’re asking for proof of funds (which I expected) and a signed purchase agreement or LOI.Is this normal?

With out that, there is no proof that it will perform.Do you have a full estimate and plan for 3 years on the property?

The HOA can decide to do a special project or make a short 3 story elevator more hurricane proof ($800000) or have issues after a hurricane and then you are definitely not ahead of the game.Please connect with me and I can maybe point you in a better direction.

If the tenant fails to provide proof, I would reach out to a local attorney about handling the lease violation appropriately, especially since Texas has specific landlord-tenant laws.

I require proof of income, and verify it by contacting the human resources department of their employer in writing. 

While institutional lenders would probably need a number years proof of collections before considering the income from the wrap, private lenders, such as myself would look upon the situation more favorably.  

The main hassle of conventional lending is being able to provide proof of income and seasoning.

As soon as you get the leases signed and proof of security deposit and first months rent deposited into your account your can use it.The question should be, do I even need to get the units leased out to qualify ?

Do you have proof of loan approval?

Most lenders require proof of someone else paying the note for around 9-12 months so that the debt isn't counted in their DTI calculation.