Financing a Buy and Hold in Rochester, NY

[Mike Dixon]

My uncle is getting up in age and is wanting to sell some of his properties that range from SFH's to duplexes and a few triplexes in Rochester, NY. I'm trying to figure out the best way I can finance this first property with the least amount of money down. Here's some details on the property.

Zillow estimate value $64,500 (not sure how accurate this is?). Assessed tax value is $45,000 this is what I can buy the property for. (is it known that the assessed tax values are lower than the actual market value in Rochester?)

Duplex built in 1925 in 14609 zip code (Rochester, NY)

City taxes $1,900/year, County taxes $1,300/year

Water $800/year (Uncle says he forwards the bill to the tenants but since it's a duplex the bill is in his name) 

Insurance $300/year

Rent income $1,200/month ($600 from each side, is about to go up $25, there are currently tenants living on the property that have been there for 2.5 years)

All of those expenses come out to about $358/month. For example adding another $350/month mortgage payment (I know it's high) would bring my total expenses to about $708/month. So this would leave me about $492/month in cashflow for now. My uncle told me he would manage the property for free as long as long as he is able to (he's 78). Even if I had to pay for property management which I know I will one day and count in vacancies and repairs I think this is a good property.

I have $15,000 I could use as a down payment and get a $30,000 loan (If a bank will work with me because i'm 25 and my business is only 11 months old but I have great credit) but I want to keep as much of my money free as possible. I have an extra $2,000/month I could throw into the mortgage if I get one but don't know if it will be hard to pull 75%-80% equity back out to buy the next property. Or I could give my uncle $15,000 and we could work some type of owner financing out but since he's old he doesn't want to do a long term, but i don't want to lock all $15,000 up right now. Another option that was brought up to me is that I could have someone cosign a unsecured loan (my dad has great credit and he already told me he would cosign) then buy the property. Then do a cosmetic rehab (to raise the value for the bank) and get an equity loan and with the equity loan pay off my unsecured loan.  These are the main options i'm looking at here, please let me know If I'm missing anything and your thoughts on how I should go about this.

Thanks for looking!