Because most of the premium has been paid with borrowed money, the client shouldn't finance any more than they can afford in recurring interest payments.

I have read on Fannie Mae however that you need to own a current primary residence or have a current living expense in order to be able to use the rents of the purchased property to offset the mortgage.I wanted to sell my home first and then buy after in order to increase my leverage when negotiating on both the sale and the purchase but if I can’t use the rents that would greatly diminish my ability to qualify for a bigger loan.Just because I know it matters, my current salary is about 8k per month with only 1 recurring debt payment(student loans) at $318 per month and my credit score is 760+.

I want the tenant to schedule a monthly recurring bill pay and something that would work regardless of the tenant bank.

Wow these are all excellent replies, I'm so grateful for your help.The common thread has been that I need to get a job, and I could not agree more.It is extremely frustrating to not be bringing in income.Tech can be a difficult industry due to the turnover both of jobs and skill sets.I have been using this time to update my skills by working on several new code projects, as I always do when I have a break.Another good and recurring point was my low cash reserves.It definitely has me feeling nervous.Maybe I could cash out some equity as a last resort, hopefully it will not come to that.The main reason my reserves are so low (aside from the layoff) is that I had to extend myself in order to get the home ready for rental.I did a lot of upgrades in a short time and then moved out of state, which was also somewhat costly.All in all I have few regrets given the way the timing of everything worked out.

All said and done it was about 30 minutes of my time, and a little anxiety for a few minutes. 

And your anxiety level is not a factor to totally disregard.Anyway, it's good to know all the strategies, so everyone above has broken the leverage idea down really well.

@Tanvir Ahmed Sunny if you search in the events tab you'll find a recurring one that is virtual in Vancouver 

Only assets makes it tougher because lenders want to see steady streams of recurring income to pay for loans rather than just a pot of money sitting there that can be (theoretically) depleted any time. 

To ease my anxiety, I went to check out their Facebook profile again (I did this prior to approving) but was looking more closely. 

@Fred Bornholdt My experience with reducing anxiety about any subject is to try and learn more about it.