This goes back to the norm level or comes down.

It was a fun realization so I thought I'd share it here.I purchased my first real rental 11 years ago off the MLS for 108k (put 20% down).

If you want to develop it, I can refer you a lender that will lend on a completed subject to appraisal but you'll be limited if you just want it for the lot.If you simply want the land as part of your property, you have more options including a HELOC which you can still use for development down the road. 

For example on your $400K sale it might look like: 20% down of $80,000, 65% LTV 1st of $260,000, and a 15% 2nd of $60,000.

I also know I can look at ways of borrowing against that equity (HELOC for example) but I also just feel like if I take debt on that property the cashflow goes down, and then if the association also takes the loan it goes down more, and at that point I don't know why it would be a better option than selling before August. 

If you want to buy your first property ASAP, house hacking (duplex, triplex, or renting extra rooms) is one of the best ways to start with a low down payment while learning property management.

Does anyone have any recommendations of first time home buyer grants or down payment assistance programs for New York State?

He offered to sell it to me with owner financing for $400,000 and only required 10% down, so I jumped on it.

I would try not to tie up any of the principal in down payments.Personally, I had a family member do this same thing, but they used an investment portfolio as the collateral instead of real estate.If you play your cards right, this might be the only short-term money you ever need.Please let us know what you end up doing.

Quote from @Jokari Trueheart: HI, almost 11 months ago I purchased 3 duplexes and I borrowed the funds from my personal residence which I took out a equity agreement for the down payment on the investment property, great idea at the time because I have 10 years to pay it off and theres no payment requirement, but , I learned more about the consequence that it takes a large chunk of my equity the longer I take to pay it back, so my goal was to refi cash out the investment property to pay it back but I don't think theres enough equity yet to pull the full $106k needed, I only borrowed $88k but with the equity percentage for one year i'm paying about $18k in equity on top of the amount I borrowed if I pay it off in year one, so I need this paid off ASAP before it increases more.