What happens when you purchase a 2-4 Unit property, and no leases exist? Is there a way to count the future leases as income? One of the advantages of purchasing a 2-4 unit property is that you can live in one unit and rent out the others.  When you buy a 2-4 unit property, and there are no leases, the lender will ask the appraiser’s opinion of Fair Market Rent.  There are other requirements depending on the type of loan you are considering, so let’s talk about your situation!