Did you lie to the mortgage co and produce a “bogus” lease in order to obtain financing?  

@Heather Bailey When house hacking with a separate rental unit, ensure proper insurance by obtaining landlord or short-term rental coverage tailored for Airbnb activities, in addition to your primary residence policy.

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.The City of Detroit has 183 Neighborhoods we’ve analyzed.DM us if you’d like to discuss this logical approach in greater detail!

My wife and I have obtained three traditional loans and one lease with the option to purchase, resulting in most banks turning us down based on debt to income (non-portfolio lenders). 

Perhaps going to the local building department or title company to see who the big land buyers are in your area would be helpful for starting to discuss the idea with someone nearby?

I'd be happy to get on a call and discuss more about this market to get you a better idea of what to expect from AZ.

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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.

ESP if you are planning to lowball, an agent might be more reasonable to discuss with (seller might get emotional and offended with your offer).

This is something I make sure to discuss with anyone I partner with so that the last thing we face down the road is a margin call.