Converting our primary residence to income property & mortgage for new purchase
We are in the market for a step up SFR, currently in a townhome. Our goal is to convert our current home to a rental give a mortgage for the acquisition of the new property.
The financing institution will accept 75% of the rental amount in DTI calculations. However, we must have a lease in place and take possession of the security deposit in order to do so.
Any recommendation on how to engage a potential tenant to sign a lease, and pay the security deposit when the unit may not be available for occupancy until several months down the road?
Thank you in advance for your time and consideration.