I tried to look up properties that I could buy using my $6,000 bonus as a down payment but I was living in Los Angeles and couldn’t even buy a shack.

I am looking to refinance because I have a 5-year balloon payment that is not too far away.

I currently have around 20k cash for a down payment and that is steadily increasing so I want to pull the trigger soon.I'm interested in Fort Wayne for a few reasons:- I have some family in the area (they won't be involved, but have some general knowledge of the area)- Decent schools- Low crime- Airport- Low pricesAny advice or connections are welcome as I am completely new to this.

You'll likely want to evaluate the investment with UDFI tax figured in.The Solo 401k trust would make the payments to the seller/lender and would also pay for any investment-related expenses.

I would strongly consider building equity to make a stronger down payment and further decrease your monthly cost. 

Best of luck with selecting your market—there's a wealth of knowledge and supportive investors here to help guide you along the way.

@Jonathan SniderFannie and Freddie do have LLPA's and the lower the down payment, the higher the cost.

One thing to be aware of is the FHA multifamily self-sufficiency calculation which determines if a property can generate enough rental income to cover its mortgage payments.

He collects cash down payment and finances the rest.

I do not have to much cash for a down payment but was thinking of doing a HELOC on one of the rentals to get more cash and go the BRRRR method.