Down Payment Advice

[Sonny Smith]

I'm looking to purchase a multi-unit rental property in southeast Virginia. I have been pre-approved for a mortgage; however, the lender requires a 25% down payment. While I have this, it would stretch me really thin, and not leave much room for reserves and money for repairs. Plus, I'd like to bring as little of my own money to the table as possible. I also don't have a HELOC or anything else I could pull from.

I initially thought about using hard money for the down payment, or having the seller finance a portion of the down payment, but this lender will not allow a second mortgage. 

I can only think of two options at this point:

1. Use a partner to help finance the down payment; however, the lender will also require the partner to be listed on the mortgage. 

2. I could use hard money and/or seller financing to purchase the home, and then refinance the property with a mortgage. 

Do these options sound reasonable? Any other tips or advice? Thanks!