If you do have enough other income then you dont even need to lease out this property to start your refinance.However if you dont have enough income to qualify with no rental income offset then yes you will need to obtain your lease(s) and security deposit + 1st months rents deposited before you can utilize 75% of this gross income - your monthly PITIA payment (in terms of qualification on this property refinance.So all in all Id make sure what your current debt to income position is first of all (DTI) and then strategize to see if you even need the leases at all.

Of course my nosey self had to go look up your rental property.

My wife and I have one rental unit and are trying to move toward our next property, but still are trying to learn more and find additional ways to make some side income to speed the process.

Have to really know what is going on with the areas and how to mitigate things you may not have to often in other rentals.

The terms for a 2nd position loan on a rental is 6%, 25 year term,  and 2 points origination fee.  

You can google rental property <item> depreciation schedule for anything you’re improving. 

We recently came upon a small property and are seriously thinking about purchasing our first rental!

Whether it’s reconfiguring layouts, adding square footage, or converting single-family homes into multi-unit rentals, the goal is to unlock value where others don’t see it.Distressed properties aren’t for everyone, but for those willing to put in the work, they offer some of the best returns in real estate. 

-------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Quote from @Kim Scheid: @Travis Biziorek and @Sean O'Keefe, we are looking to start with our first out of state rental and would love to know more about self management.