As others have suggested, you could get a conventional or FHA loan if you want lower down payment options.

If you do, perhaps there's something in another market similar but at a lower price point.

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

Lower risk all the way around.  

My humble advice to anyone attempting to do creative finance is:Creative finance is for experienced investors who have access to capital if anything goes wrong.Learn the lawsDon't use a contract "off the internet", laws vary by state and are also regulated on a federal levelLearn the financing techniques correctlyDon’t skip parts of the processDon’t ever do a “kitchen table” closingUse the proper deedAn attorney can help you with the legal work, but the rest you are on your ownYour guru will not bail you out“Investing” in someone else’s deal by providing a small 2nd loan so the “investor” can pay for “cash to the seller” and for “closing costs” so he can do the deal is a very bad planKnow what problems can ariseLearn the responses and solutions to problems before they are neededKnow everything there is to know about Title and what that meansKnow who a "protected class" individual isLearn the "back doors"Learn human natureUnderstand timelinesUnderstand regulation enforcement (some of these "mistakes" have a 10 year statue of limitations ( they can charge you 10 years AFTER you do the transaction) and carry hefty fines and possible imprisonmentThe court doesn't accept "I didn't know" for an answer"Know that the source of the lead plays a serious role in some states and federallyKnow how much of a "profit" pushes the boundaries to invite an investigationYou can be sued by the seller if you don’t do things correctlyYou are automatically at fault if an investigator or attorney or regulator gets involved.

(I am looking for private lenders who don't charge interest but rather take a portion of the profit.)I emailed the support desk for a refund. 

Once it's rented, use that rental income to help offset your DTI, which may help you qualify for the second property sooner.Partner with Investors: Team up with someone to split costs and lower your personal DTI impact.

The importance of lowering expenses and increasing efficiency to maximize property income.

The FBI’s Financial Crimes Unit investigates these matters for filing of charges on Equity Skimming violations.

If I can park the 388k ($415-27k) for one year at CD rate of 4.5% and then est 300k (after paying cap gain/depr recap) at 3.0% (assume CD rates lower) that interest income of about 24 months net of ordinary income tax is about the same as my current mortgage.Trying to play devil's advocate and think why selling this year does not make sense.