Duplex Purchase Advice

[Paul Loesch]

Yo BP!  First post here, did not look around to hard in the forum for relevant info as this opportunity just popped up and I'd like some quick advice if possible.

My wife and I are set on developing the best real estate portfolio we can as a core component of our retirement planning.  We just completed a cashout refi on our current primary residence that netted a good chunk of capital at a great rate.  We'd like to put a portion of this down on a second, better house for us and rent our current place or buy a second home / duplex  to rent out.

We would be cash positive on our current place by a very healthy margin if rented even with the cash out refi factored in.

We have the opportunity to buy a duplex right now that in our conservative estimation would also be a cash positive situation if we can get the financing right.  5% down, 30 yr note would produce around $900 cash flow with conservative estimates on what each side would rent for.

The problem I've run into is the first couple of lenders I've tried are saying 25% down and no more than 15 yr note which kills the deal for us.  Over 800 credit score, healthy income and essentially no revolving debt at all for us.  

I can't tell if this violates the "ask for a lender" rule on the forum or not, if it does lemme know I'll take it down.

Ideas and feedback on my general line of thinking here would be awesome, thanks in advance!