So you can scale that if you want.FHA is for people with poor credit and very little down payment.

The other part of this is that in addition to this, we are borrowing from our home equity line of credit to put down the 20% deposit- so we have that payment too.   

The only other option I see is a short sale, if you don't need to purchase for a few years and don't mind a temporary credit hit to save the $60k.  

With down payments as low as 5-10%, plus low property taxes compared to the U.S., investing in German real estate is more accessible than you might think.If you’ve ever thought about owning property overseas but felt intimidated, stay tuned.

Add those people in by using County or Schoolarea population.Example:Town1:#ofunits/headcount= 300 units in the area/ population 3,000= 10 unitsper 100 people.Town2:5004,000= 12.5 per 100Town3:andso on.Doevery stand alone town in a 60 mile radius, or until your satisfied.You will get a High, Low and a average.

Based on my calculations, even with a low down payment, I can achieve positive cash flow (with aggressive enough house hacking).

Similarly, a credit report fee upfront is reasonable, but these can often be avoided as well.

Quote from @Patricia Steiner: There are several lenders who offer low/no closing cost options for first time homebuyers.

Hi Jerrell,  The best option for trying to get a HELOC on a property would be to check with local credit unions. 

We invest in Greene County, Ohio and currently have 24 low income units.