You are not stuck waiting for two years of tax returns. With no filed history on the property, underwriters can qualify you off the lease and the appraiser's rent survey. How the math works depends on which situation you are in, because there is no single flat 75% rule: - No tax-return history yet. This is treated like buying a rental for the first time. On conventional loans, the underwriter uses the market rent documented on the appraiser's rent schedule (Form 1007 for a single unit, 1025 for multi-unit) and counts 75% of the gross rent, with the 25% haircut covering vacancy and maintenance. FHA applies a similar 75% vacancy factor to the lesser of the appraiser's market rent or your actual lease. - Once the property shows up on your Schedule E, Fannie and Freddie switch to the actual net rental income from the return, so the 75% method is specifically the no-history approach. - If the rental is a home you are moving out of, the qualifying figure is net of that property's own full payment (principal, interest, taxes, insurance, and any HOA). To document it without tax history, expect the underwriter to want the signed lease, proof of the security deposit, and typically a few months of rent actually hitting your account. The rent survey ordered with the appraisal confirms the lease amount is real. If there was a vacancy or a tenant hiccup along the way, a short written explanation plus those receipts usually clears it. How much rent you can lean on, and whether conventional or FHA gets you there, depends on your file and how many financed properties you already carry. That is exactly what we map out on the free Roadmap conversation, about 20 minutes where we run your real numbers.