I currently live Wisconsin and work in Real Estate.

Think about lead certification for Cleveland if you are purchasing in the current market.

I currently own 30 units and we do about $15M a year.

Posted this on the Multifamily section, but realized after I should post it here.I am a current Senior at the  Catholic University of America playing Baseball and finishing up my accounting degree.

Currently, I’m in full research and networking mode—learning, looking to connect with local investors, and exploring my first investment.

Their income is only 3X rent, they lack credit history, and the household is much larger, which could result in more wear and tear.

I am guessing you are using current market rents for these calculations, but you also said yourself its a great and popular area with rising rents.

My experience currently involves but is not limited to; breach of contract, embezzlement, coercion to include extortion and blackmail, and bribery from both lender and two NEW WESTERN agents.

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.

Aim for a path that benefits the current tenants if it's worth it.