We're open to other strategies, but believe that sounds the most ideal so far. 

You can do a few of these to build up more capital and/OR do this to get a better deal on a property.If you find your deal (wholesale), rehab something and use HML, then get a conventional loan on it, ideally BRRRR it, you could have a great start.

@Lauren Ruppert Yes, an LLC can sell a property to your child’s LLC, ideally at fair market value (FMV) to avoid gift tax complications.

Just be sure to check local regulations for Airbnbs.For long-term rentals, growing cities with strong job markets and affordable housing are ideal.

House hacking or STRs could work too if you find the right deal, but I get why being a landlord in a VHCOL area might not be ideal.

Loans like this can be useful or very dangerous, depending on how you manage your business.The ideal situation for a loan like this is when you have a property that will take a while to get up and running. 

We specifically locate ideal investment locations throughout the US that offer the best returns for cash flow, appreciation & equity.

@Adam Newman you will want to confirm this with the bank but you can’t take a loan out to borrow for part of the down payment so you’ll need to provide all the funds yourself or have a gift from someone for that which you don’t have.If you have a gift from someone to bridge the 20%, that would be ideal.  

Ideally we would love to live in my childhood home.

That type of property is ideal.