A preexisting tenant takes care of the very small lawn.

Maybe a read can be taken just before closing to determine what is pre-existing?

They partnered up with a wholesaler (had a pre-existing relationship) who helped my friend.

Your DTI is 50% (500/1000).Six months after purchase, you still earn $1000/mo (from employment or whatever), plus rental income from the property of $1200/mo.Your pre-existing debt service is still $400/mo, but now you also pay $600/mo towards the mortgage on your rental property. 

@Brendan Kelly Under RUle 506(b), you must have a substantive pre-existing relationship.

@Bill F. great point on the Reg D and it's important to have a pre-existing relationship with your potential investor/business partner before discussing an investment opportunity.

Once the new subdivision is built and the construction of other homes is complete, it’s common to see rapid appreciation that is significantly higher than that of pre-existing homes in the same market.

It also meant that we had to look around for a while before we found a lender who was willing to look at our individual situation without trying to slot us into a pre-existing category.

Mind you, I have all the usual middle-age pre-existing conditions.

If it was rented in under 24 hrs the tenant was likely not properly screened unless the owner had a pre-existing wait list of tenants.