A have a few friends that build houses. They own their own company and build about two houses a year. It is not uncommon for them to rent out the house to want to be buyers who cannot get a mortgage for a year and then do exactly what you mentioned above. The bank is fully aware of this and one of the reasons they have to rent for a year is to show the bank that they can make the payments.
From what I know it is legit. Can't say for sure about that company though.
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