new houses are getting sold for 600K, old houses switched to multiple offer selling model, just like some places in GTA.

I'd also worry about the showings and if someone steals something from the tenants (or the tenants claim something is missing).Focus on getting the most you can for the property.

I'm under contract for a nice double and was hoping to use part of the money for my portion of the down payment.

How many times can you spend $1500 to get an 88% return?

@Dhruv Patel I believe you are getting ahead of yourself....Where in the US are you all-in (land acquisition, soft costs, hard construction) on new construction multi-family for $100/ft.

Also, from what I read in Bloomberg, midterm rentals near major hospitals can sometime command a decent premium.. especially if they include some nice furnishings.Little Tweaks Count: Even minor upgrades, like new door locks or a fresh coat of paint, can help you justify a stronger rent.Driving for Dollars & Networking..

The market in Racine is much different than Kenosha and we have been having a hard time getting quality tenant applicants.

Having too many will cause for overlapping of properties and then it goes to procuring cause in which one gets paid. 

Because based on those answers, you can just get a conventional loan. 

Lots of leg work, calls and emails, but if you can find a few deals that could get you started with enough capital to get into your first deal on your own.