I wish to buy a multifamily property that is currently leased. Does the rent from the tenants already occupying the property count as income when applying for financing

The property is considered commercial and would not fall under Fannie and RESPA guidelines. As an investment property the loan would be qualified based on the income generation ability of the property. It is called Debt Service Coverage Ratio. The lender will calculate income and subtract expenses and loan costs and arrive at the ratio. They look for at least 1.2 to qualify. That basically means you will make a 20% profit factor annually on the property. Keep in mind that the qualifying process is very different from a residential property. Upfront costs are also much higher and the process takes longer. Feel free to contact me directly if you have other questions. LHarvey@advisorsmortgage.com