In some cases, if the rent is greater than the mortgage payment, you may be able to use that remaining income in qualifying. 

The most obvious example is when a borrower misses a payment, or two, or three.  

- get into real estate with a lower rate and lesser percentage down payment.

@Sharad Bagri  Lots of people say "as long as the payments are being made on time, the lender won't care." 

Payment is $2332.48.

Plus you get interest income on top of your principal payments, too.Also allows you to spread the taxable gain out over time, which would help you keep taxable income low and potentially still contribute to Roth IRA in the year that you sell. 

Be very clear that they must transfer the deposit along with a complete set of tenant records (application, lease, payment ledger, etc.). 

Melissa, not trying to hijack the post, but I am curious about cross collateral, as I own a 5 unit with a lot of equity and would like to buy using same bank, using the equity as a form of down payment and the new property income to justify a higher tha 75% loan. 

I would discuss financials on this if you choose to come see the pre-rehab on Dec 1 (I have made a lot of money (close to 7 digits after this rehab is done in ~2 months) but due to not executing a cash out refi (due to the rate increases) my return is below my underwriting).

If your lease has that clause (and assuming your local laws permit), consider notifying your PM of you intent to escrow your rent payments until the situation has been corrected.