Down payments

[Brady Lee]

So I am looking at getting my first vacation rental property, I have found a few great properties and started talking to a loan officer. They said I need a minimum of 15% down but I would prefer the 20% to avoid the PMI. However, it will take awhile to save up 20%. I do have access to funds from other people who would be willing to loan half of it to me. Is that legal? How would we do that to document it as part of the down payment? Or is that necessary? Is this a good idea? Or would it be better to save up the money on my own and just wait longer. I would appreciate any and all advice from more experienced people. Thanks