Short on closing costs

[Jon De Jesus]

Hi BP Community, 

This is my first post and I need some advice. I am working on getting my second long distance rental and I'm short on closing costs. I'm in contract, the property is located in a small mid-west town and I've had a duplex rental there for 2 yrs which has been going well with property management in place. The new property is $45k SFR and I have the downpayment but I will be short on the closing costs. My current prospective loan structure is at 15% down, $6,750, and the total at closing will be around $11k with prepaid taxes and ins. After reviewing my finances, I will probably be around $4k short for closing. My lender mentioned that I can't use gift funds for investment properties so how can I close the gap? I thought I saw a video that Brandon T. partnered on many deals with his partner fronting the down and he would carry the loan and liabilities. I considered that here but I was told I can't get gift funds for the loan. I need some ideas please. Thanks in advance.

Regards, 

Jon