@Marizel AshbyBelow are the top things I will recommend you focus on if you don't have at least $30,000 in your bank account or you don't have access to that kind of cash from other sources:1.

If all parties were agreeable (and would likely agree on an interest rate lower than a bank's would be), with $0 down his monthly payment would jump $300-$500, but now he would be building equity in the property.Is there anything else I should tell him or anything I am missing?

If you can find a lender that will borrow you that much, you don’t mind being negative $800 give or take per month, and you don’t have anything for the bank to go after if you fail.

If you make the new property your primary you could put a lot less down depending on the property and the bank you use. 

Zoning varies, so always check the local regulations for your specific needs.Financing: While cash purchases are common, financing options are available through local banks and credit unions.

But if CC companies/banks want to offer 0% interest for a period of time, I'll try and figure out a way to take advantage if I can!

You can request recent pay stubs, an employment letter, or bank statements that show regular income.2.

Quote from @Scott Meech: Quote from @Jamie Banks: Hi Scott,When determining if a property is suited for MTR you should do some research on what brings people to the area who need to rent midterm.Thank you.

Here's a record of the non-payments (judge: but there is nothing on this bank statement) exactly...that's my bank account for the rent, and it has not been paid.....so then the judge will turn to the tenant and ask for proof of payment. 

If you do it correctly and have the correct paperwork its a great way to buy property with little or no money down.Seller financing is the "Seller" acting as the bank with their equity and loaning the buyer that amount of money for a negotiated period of time.