Lending Solutions for a First Timer

[Lis Faudale]

Hello all! 
Thanks for taking a minute to read and hopefully help.

My husband and I are trying to figure out a way we can finance a first time rental. We’ve found 2 or 3 that are definite options. 
One is actually located in the town I went to college in and essentially guaranteed  because of where it’s located in proximity to the college. 
The other is a duplex, it’s gutted and the current owner started putting up drywall, but it seems like maybe they ran out of money or had some kind of emergency and couldn’t continue. The duplex could easily generate a cash flow 3 times the amount of any small mortgage on it. 

We would prefer to purchase the second property and finish it because of the high potential for cash flow with 2 units in 1, but we don’t have the cash up front. 

I went to the lender we used for our personal home when we moved back up to MD and he told me we’re not going to be able to get a construction loan if it’s not our primary residence and that the best bet with anything else is 20% down on a conventional loan.

I know there are other ways to do this. But I’m at a loss. Should we speak to other lenders? Did I misunderstand the books I read and the research I did? 

what would you all suggest? Thanks again for the insight and the help!