It isn't a requirement that you find tenants, but if you want to use rental income to help you qualify then it's a requirement that there are tenants. The rental income can be considered without a prior landlord history if you use a Fannie Mae loan program or FHA financing (if you have a 2-year landlord history, then Freddie Mac loan programs will allow the rental income too)... 75% of the rental income (if Fannie or Freddie financing) or 85% (if FHA financing) can be used. FHA financing would only be for owner occupied properties though. You would need signed lease agreements and most likely receipt of the security deposit and/or 1st months rent.
Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct