Buying a Vacation Rental Property

[Kim Rock]

I already own 2 properties (one locally, one vacation rental) - and my vacation rental is doing rather well. I was able to buy back when I could for 5% down and am still breaking even if not making a profit. My neighbors house is currently for sale, and I know I could do as well with it as I have with mine. It comes completely turn key and ready to go. Things have changed since I bought my first one and now I would need at least 10-20% down for an investment. I do have the money, but it will completely burn out my reserves (I have more tied up in stocks but dont want to sell at this time obviously when the market is down so much). I was just wondering any advice on "creative" financing that you guys talk about to finance this vacation home? It is 330k. I do know my neighbor quite well and am not too familiar with owner financing but was wondering how that would potentially help me, or any other suggestions? Maybe I could find a way to put down less and have some come from him for the high down payment and work out something creative? - so do you guys have any suggestions? I am not really sure how to go about this besides a seller assist for the closing costs - which is obvious and doesn't go towards the down payment.