My idea is to put 20% down on a $1 million property, with the remaining $800,000 paid off over 8–10 years, depending on how much yearly income the seller would want.I’ve seen a lot of discussions about using seller financing for investment properties, but not much when it comes to primary residences.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

Loss of use is foryour additional expenses if you can not live there due to a covered claim (ie.

My working son and has had a hard time finding something because work is in more expensive areas with tons of SF and luxury apartments nothing in small studios.

If you want to close with cash, it sounds like youre going to have to liquidate your collateral or borrow against it, which will likely be more expensive that a mortgage.

I paid off the loan as the solution.

Also is your rent covering just PITI or total expenses?

New construction in the city limits is increasingly hard to find and increasingly expensive.

Actual cost takes into account depreciation so complete destruction of a property could leave you under water in terms of the amount paid for the loss.

Go on FB and find all the people who ignore the reality because they paid for a cult-like following.