Some lenders *might* be willing consider income from the property once it appears on your tax return, or perhaps once the property is stabilized, i.e. once it has tenants in place who have been paying a verifiable amount of rent for a certain # of years.

For some reason I thought it was 8lots because of the new meter panel that I’ve install is a 400amp service and the electrician told me anything pass 400amp is commercial, newbie mistake I didn’t verify so I went with it and with that system I can put up to 8 lots total(2existing and 6working-on).

You might be able to get $1400 in rent but the tenant will have no credit little verifiable income and you will have to budget a ton of money on each turn over.

@Edgar Perez A commercial lender understands where the money goes and know that “taxable income” is not the whole picture, if that were the case I couldn’t borrow anything, because on paper I’m pretty poor, my bankers are more interested in my PFS, Rent rolls, and the DSCR of whatever I’m buying, they really don’t care what my tax return says, they just verify taxes to help determine if you are telling the truth.

Before, we wouldn't ever verify the take out financing because if the deal made sense on our books it would probably do the same for the long-term lender.

@Kyle Smith this is a case of trust but verify.

It´s important to verify that they are actually getting organised to move.

All rent/leases are verifiable and total over $6k per month.  

David,The issue is you didn't have your own inspection "right to your own inquiry" to validate what the sellers estimate said was accurate or not.In 1 years time a foundation issue can get considerably worse.If you go in front of a judge and they ask "Sir,why didn't you have an inspection to verify your own findings based on the sellers disclosure??"

Income may not be verifiable, past credit issues or bankruptcy, debt may be too high, time on the job or pending divorce or legal issues may keep the buyer out of a bank.