Funding Down Payment

[Jarrett Mel Williams]

Hello, 

I live in San Diego. I am looking to invest in the Milwaukee, Cleveland, Memphis, and Columbus as I have narrowed those down for my market choices right now. 

I've got about 10k cash saved up. I am ready to make moves into the real estate market for LTR but am slightly short on the cash aspect. I have read @Brandon Turner book on Low and No Money Down but many of the options are not applicable to me. The ones that arn't I have written below with reasons incase anyone could rebuttle myself and explain how I could detour my understandings and thoughts. But most of all I am trying to see if anyone has ever funded a conventional and had the seller fund the downpayment and how did that work?

Unable: 

1) FHA: I am unable to live in the properties in another state.

2) House Hacking: Unable to live in the home or have family who can. 

3) HELOC: My primary residence I just refinanced into a conventional from an FHA. I owe $490k and it appraised for $575k after 6 months of living in it. So obviously I don't meet the standards for lenders to offer a HELOC or Equity Loan on my property.

4) 203k: Don't have enough cash to fund the down payments to close most likely.

5) Hard Money or Private: Seems to be not a good option for my first LTR especially if I am looking for more turnkey properties. 

6) Wholesaling: Still need the cash or equity to fund the down.

Maybe could do if I can understand and figure it out:

1) Seller financing: Not sure if this is to risky or if sellers are interested in this to first time investors?

2) Seller funded down payment: Not sure if this is actual thing? And how is it paid back?

3) Partnership: If I can find a partner but also make sure it's a good deal for myself.

[Jay Hinrichs]

IMHO

your far to under capitalized to be buying a rental.. one hiccup and your wiped out.. and believe me there are hiccups especially in renter dominated markets. 

find a money partner or save up more capital.. leave your primary alone and your retirement accounts alone ..