I started by saving up for a down payment which was 5% for the first "second home" property in 2004, then 10% on the next few. 

The issue is, I'm not sure if my income will be enough to cover 2x the monthly mortgage payment that most loans require.

Can I get a loan for the down payment / construction costs2.

Main benefits to this strategy include:- Low down payment options (as low as 3-5%)- Acquisition experience- Property management experienceThe NYC metro area has nearly 2,000 available 2-4 unit listings on the market.Other new investors consider the BRRRR Strategy.All the best to you on your journey!

Traditional mortgage from a big bank, 10% down payment What was the outcome?

Poor rental payment history is a common cause for non renewal. 

At 7% you will have payments of about $4000 per month and at full occupancy rents of $6600 per month.

You can create a website in seconds nowadays but I would also provide him a pitch deck to show how this works and that he is not going to have to evict you in 5 months because payments are not being made. 

The mortgage payment is $1,000 on each house, so you earn $500 per house or $2,000 monthly.

Eventually, after finally admitting he could not obtain a loan, he failed to return my capital, and completely stopped responding just long enough until the banks were unable to reverse any payments.