This amount ($1,250) is divided by 12 months to equal a monthly payment of $104.17. 

You can put a little as 5% down payment for conventional or 3.5% for FHA.Alternative way, is to acquire the 2nd property as an investment property with conventional, while putting 15%-25% down payment.

Quote from @Renee Pohle: Please talk to an attorney and create a strong partnership agreement that includes a method for parting ways.

The monthly payment all in jumps from $1346 to $2400 (making the cashflow disappear). 

@Sam Rogers A Deferred Sales Trust (DST) allows you to defer capital gains taxes by transferring sale proceeds to a trust in exchange for installment payments, offering tax deferral and reinvestment flexibility beyond 1031 exchanges.

Is 15% down payment for DSCR is more important to you?

It has been about 15 days since I sent the first bills and I have not received either payment yet.

The concern with out of state investing is your money goes to down payment and property management.

Quote from @Miki Jovanovikj: Hello BP community, does anyone have a good referral for a foreclosure attorney in state of Florida due to a buyer defaulting on the payments.

With such low rental yields, the return on investment (ROI) and cash-on-cash (CoC) return are negative when factoring in mortgage payments only, not including any other factors.In this market, it seems almost impossible to make a profit using traditional rental property investing strategies.