Best option to finance a new investment property

[Allende Hernandez]

Good morning investors,

I'm looking to buy a property in the South FL area and need to bounce some ideas against you guys. 

The root need comes because I need to bring my mom closer to me and Im looking for a way to make this a positive financial decision as well. My idea is to purchase a property with a division (or the possibility of one) so I can place her in a small apartment 1/1 and rent the rest of the house to offset the Mtg as much as I can.

As things are today its been impossible to find something that covers it all, Im seeing that I would still have to come up with some cash every month.

I met with a lender yesterday and he presented to me an option for a 5% down loan. The good, less money up front, the bad: MIP and lower cash flow. On the other hand I have a HELOC on my primary that is interest only for a few more years that I could use as a baseline then mortgage the rest of it. This will help me with the cashfow but wont paydown the prop.

What you guys think? Any suggestions on how to structure the financing here to make it make financial sense?

Thank you in advance.