Obviously using a hard money lender as well. 

We may also tap the equity by using a HELOC for any "cash purchases" when we wouldn't be able to get bank financing based on condition of the property, and then refinance after renovations.

(not sure this 50% off rent is gonna do it-lot of instability using a student (undergrad) too).

That said, it's possible that it was cooked there by some rookie using a recipe off some website. 

Even if you were to finance using a commercial loan or private lender you'd have to put at least 20% down (correct?).

I am a using a rehab loan (Portfolio loan) to get my next purchase that will be a live-in reno. 

When you invest in real estate using a retirement account, you can't use your personal funds to take care of those bigger expenditures, you have to use your retirement account funds to keep everything separate. 

Many Realtors will suggest purchasing a property using a FHA Loan, to reduce your out of pocket money.

@Jay Hinrichs From my understanding, the original tax lien was around $100,000, and the sellers were able to negotiate it down to the $66k.I will indeed be using a 203k loan, and live in one of the units. 

I am currently using a spreadsheet, which is ok for regular payments but it gets problematic with late payments, NSF, extra principle, etc.Has anyone found software that is beneficial to DYI lenders?