This leads me back to my mother, as she approaches her end years, I hate to think about this, but she wants to leave my sister and I one of the houses I mentioned earlier.

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.

Out of college I primarily had student debt of around $22k at 4% interest(all the government loans).

So if you are not cash flowing and there isn’t appreciation then the only advantage you are getting is debt pay down.

This also leads owners to ASSUME simpler is better when it comes to management contracts.

Or buy and force appreciation or buy and paydown debt with cash flow..

Let’s break this down because there’s a lot to unpack here.The real question is, how well is that debt working for you?

If a landlord plans to hold the property for a while, we always recommend an annual lease, ending to align with the summer leading lesson, or staggered with their other leases depending on the situation.  

I’ve benefited greatly from these groups, connecting with experienced investors and finding some solid leads.

Quote from @Alec Barnes: Quote from @Drew Sygit: @Alec Barnes we use Debt-To-Income Ratio (DTI) instead of income = 3x rent.Reason?