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.

I have some brand new homes in Phoenix that cash flow with 25% down.

You will likely need to save up for your next down payment.

Even if the rental has a decent cash flow with additional flood insurance, we're still not sure we want to take on that risk as we are out-of-state investors (planning to move back to KY in the future, but not now) and we don't like that it will potentially bring down the perceived value when we try to sell it in the future.The seller has never lived there and has not provided any information on if it has flooded before or not. 

Just want to mention that sometimes it works out better to raze an existing property down to like 2 studs and rebuild around it so that it still is classified as a remodel versus a complete new build. 

Hey Bugger Pockets Community,I just finished reading Brandon Turner's book on investing with little to no money down (amazing book btw) and I am interested in knowing what are people's experience with MLO's and seller financing.

You can't even drive by and look at a tree before you decide if it needs to be trimmed up or cut down.2.)

@Stephen PattonStarting in real estate can feel overwhelming, but breaking it down step by step is key.