Have a customer who wants to close in November and have first payment due in February any issues with this?

Rental Property.

I do not believe that there are any federal prohibitions. State law and safety and soundness may be other issues.

Check with your particular state. ALSO, from a S&S concept, you will have a 3 month gap without communicating with the borrower. Unless it's on a principal plus interest basis, any scheduled payment would probably not cover the 3 months interest due.