Typically you aren't buying a fixer upper with a conventional loan.

@Edward Heath you'll want to check the requirements for the $12.5k loan.

Hard money loan Lessons learned?

I have $25K cash for a down payment and can add $20K/year ($1,600/month) toward payments.No W2s, I've looked into building a small home right away and using a bank statements loan (have about 8800. monthly income) , but with 9%+ interest rates, it’s beyond my budget.Is there any sort of creative financing ideas possible or private lender possibilities?

These markets often have strong population and job growth and strong rental demand.But the reality is that even in more affordable markets like Columbus, you'll need about $50k-60k household income just to qualify for a conventional investment property loan (this assumes good credit and reasonable debt).

and maybe even some encouragement.The Beginning: A Flooded Start and Big AdjustmentsI started the year by purchasing the property with 5% down, thanks to new Fannie Mae guidance on conventional loans around December 2023.

- Can't tell you how many tenant background checks show they are buying lemon cars with 25% "we finance anyone" car loans that are designed to fail. - All they've got to learn is to save some of their income to pay their bills on time and they could then afford to buy a home.Instead, they spend every penny they make on things they don't really need and then blame everyone else.Take a look at a Class C or D tenant's bank statement to see the frivolous things they spend their money on and you'll better understand our society's biggest problem.

This will give you more time to shop rates/fees than to be under the gun with a purchase loan. 

It depends on the LTV, type of loan, whether it is rate and term or cash out refi, and some other details, but that's not crazy.

Research neighborhoods near colleges, government offices, and hospitals, explore FHA loans, conventional loans, house hacking strategies, and connect with local investors.Good luck!