I need a better program to keep up with late payments, multiple payments in one month, pre paying on the principal, etc. 

you must be a  principal broker..

More important than the down payment is that the property might not even be worth the principal balance on the loan.  

That's the Return on Investment - ROI=2% a year on asset price.Add to it that I still pay the principal - so actually - I dont see any cash - until I sell the property !

There are a lot of moving parts if you are buying as a principal residence or an investment. 

Julie I get it I have owned 3 sizeable HML companies in my day.. and done well over 2,500 transaction as the owner principal of the company.. and I have done them every which way.from no money.. to needing money.. to equity share etc etc.. end of the day its the character and capacity of the flipper that is paramount.tough thing right now for most is finding deals that meet the LTC ratios that make 100% funding even remotely safe. however you are new to BP I see and generally speaking this is a beginners site..

However, owners who evict for these family members to move in must already live in the building or be moving into the building at the same time as the relative.The owner or relative should move into the unit within three months and intend to occupy the unit as that person's principal residence for at least 36 continuous months.

How long -- Time on the market and price (reduction) are close cousins -Price softens as time moves on and motivation and reality is realizedEverything will sell at a price -The first thing I'd want to do is get the history of the property - how long on the market, why is it vacant - what's the reason for selling - is it listed - look at listingWhat is the mortgage balance - is it current or in the arrears - What other liens or obligations are on the propertyHow many owners - decision makersWhat is the commission - will agent splitAre they open to a reasonable and creative offersDo they want any profit or to just get it out of their nameCan down payment be paid over time -How much paper with they accept - delayed payments - principal mortgageWho is the decision makerHow fast do they want to settleEverything is negotiable - CONTROL IS KING - learn how to control real estate - it is a short cut to cash flow - it is the best way I know of assigning properties.Who controls real estate - An agent with a listing agreement (treat them well - they are in control for a period of time)An accepted option agreementA buyer with an accepted contract of sale with contingencies

However he is also paying down the principal on the loan.

Ashley - I don't know if this is a good deal or not - but I did respond to that listing - it looks bad and empty - There could be lots of equity or lots of stress - I like in and out in a short period of time.In my opinion every property offer is a "deal" - Every property offered is or could be a good deal -The only thing that make a property a bad deal is PRICEEvery property will sell if the price is rightTime on the market and price (reduction) are close cousins -Price softens as time moves on and motivation and reality is realizedEverything will sell at a price -The first thing I'd want to do is get the history of the property - how long on the market, why is it vacant - what's the reason for selling -What is the current mortgage balance - is it current or in the arrears - What other liens or obligations are on the propertyHow many owners - decision makersWhat is the commission - will agent splitAre there open to a reasonable and creative offerDo they want any profit or to just get it out of their nameCan down payment be paid over timeHow much paper with they accept - delayed payments - principal mortgageAshley - since you exposed this property to all of us - You should see if you can get the answers to those questions above - and play the game - WHAT WOULD I OFFER?