Duplex deal, also first investment, need advice

[Rob Else]

I've been reading a lot on these forums and have bought a couple of books from this site.  I've learned a ton.  I've also been putting together my team with a lawyer and banker.  Everyday I practice analyzing deals that I see and yesterday I actually came across what I think is a good deal.  I ran it by my banker and he agrees.  My only problem is coming up with the down payment.  Also, I'm not 100% sure of the process.  Any advice, suggestions, or ideas are welcome.

I found a duplex that is listed for $105,000.  The total monthly income is $2200.  Both tenants that are currently in the property have been there for 5+ years.  The owner has equity and needs some cash so he is motivated to sell.

The numbers I ran look like this:

$26,400 in annual income

($14,590) in total expenses - 55%. This includes 10% for vacancy, 10% for CAPEX, 10% for management, and 5% for reserves.

$11,810 = NOI

My banker says he would loan the money to an LLC, which I don't have yet, for 25% down. So the financing would look like this:

$26,250 - Down payment

$78,750 - Loan

5% for 30 years = about $425 per month

Using these numbers I get a monthly cashflow of $560 and a Cash return of 23%.

What am I missing?  It sounds like a great deal.

My biggest hurdle is the $26,000 down payment.  I don't have that much saved yet.  I only have about $10,000 that I can use.  The bank won't loan anything on my primary residence because I don't have quite enough equity.