If your rehab stretched to 2 months your lender can get expensive real quick.

I like to KICK and STRETCH! 

Don't compound the problem by stretching the renovations out.

There is a number of things in play as to what the down payment will be including your credit scores, your income, debt to income ratio, the DSCR for the property etc.Although if you have to stretch that far to get to the 25% down payment...you may not actually be able to close the deal.  

The road blows.But when its done itll be near perfect,  ill move there if It works that way, so naturally I am biased.To be clear I dont mean the road to the beach, I mean that long stretch that IS the beach

Now here we are in the home stretch to closing and the deal is about to fall apart, my mortgage agent just told me that no lender will do an FHA 203k mortgage on this property with less than 25% down because the units are not attached together.  

For a first deal I think you are stretched too much out of your capabilities in too many areas. 

Personally, I believe we are at the end of the stretch.

The area we are talking about is basically the stretch of incredibly white beach between Pensacola and Panama City, Florida.  

I'm also recently embracing and pushing on owner-carry second mortgages for 10-20% of the value of the property, to help stretch my funds further, although typically these will have a balloon payment due in a few years, which may put me in a tight spot down the road.