What kind of account or vehicle would you suggest to start saving down payment money for my first rental property?

Which essentially means you only put down 2.5% down on multi-unit.

The interest rate isn't that huge of a difference between the 15 and 30 so worst case scenario if you have the 30 year option is you start paying it down on a 15 year timeline - sure you'll pay a little more in interest over the 15 years, but it will have been worth it if you bought another house.

My credit should be the highest allowable also and I shouldn't have problems with approval.Ok, i shopped about 80 lenders (based on Fridays rates, market is closed so no live pricing)Conventional Full Doc loan you would be at 7.875% if you put 20% down (you said what the house was worth, but not your purchase price). 

Utilities are the biggest expense, we have also had a few people not pay for a month and then leave, I have been working with the manager to evict people sooner for non payment but he gets taken advantage of and doesn't lay down the law well. 

@Robert StephensonIf you have enough equity in your primary or rental you can get a HELOC or HELOAN and use the proceeds as a down payment to buy another rental.

My client had some things come up that prevented her from executing, but these were some of the options I had put together for her, a regional bank, a regional CU, and a national bank.Reminder that NOI sizes CRE debt, and that's often what determines the down payment requirement, not anything to do with the client or particular lender, just the property itself.

DSCR loans are based off of down payment, credit score and either actual or market rents so it helps to supercharge an investor's real estate goals and net worth.

Sadly, it seems that cash flow on long term rentals with 20% down just does not exist in most desirable locations.

Your $80K HELOC can serve as the down payment, as most lenders require 20%-25% of total project costs upfront.