Best Option To Buy an investment property with min downpayment

[Noble Pilli]

Hi,

I have a friend who wants to sell his house since he is moving out of the country.

House price original: 275k
Loan type:FHA but he put 10% down

Monthly payment:~1600

He moved out of the house after 2 years for his job and he rented the house for 1800.  Now he wants to sell it since he will be moving out for good.

Current home price: ~320K

Now my question is:
Is there any way I can get the house with no/minimum down payment (~10K). I already have a house I bought on conventional loan so I wont qualify for FHA. My mortgage broker said I need to put atleast 15% down and with the interest rate, I can hardly get any cashflow.

He is a close friend of mine and is willing to work things out. He just needs some money(the difference). We thought of refinancing his loan and get the difference and I can take over the loan(No loan transfer nor title transfer- just keep it on his name and I manage the rental and I take care of payments from his account- we are both fine with it) but seems like refinancing will cost some money.

Is there a better way to make this happen? Please advise. Thanks in advance