I live in Upstate New York but i was thinking of areas more out west or down south.

Here are some general guidelines: Lien Position1st Position LienEquityMinimum Down Payment of 20-25% (a 30% equity to sale price is preferred)Down Payment made in certified funds and not borrowedMaximum Funding of 70% ITV (Investment to Value)SeasoningMinimum of two monthly payments already made12 months or more preferredPayer CreditCredit Score of 650 or higherNo major derogatory trade lines (No 90-180+ days delinquent, foreclosure, repossession, bankruptcy, etc.)No decline in credit since purchase of businessTermsPrefer 60 months or lessMaximum of 72 monthsNo Balloon Payment preferredCash FlowBusiness has positive cash flow1.25 debt service coverage ratio preferred.DocumentationPersonal guarantee from a creditworthy individualStandard documents including Note, Security Agreement, and UCC-1 filing.Tax Returns on the business that substantiate profit and loss statements.OtherPayment history current and verifiablePayer Interview indicating buyer is satisfied with business and comfortable making paymentsMotivation for selling the note is not a result of a deteriorating businessConsideration of high risk businesses or geographic areasIn these situations, sometimes a partial is a better option. 

As you suggest lowering down payment to buy more properties is one way, although the downside is greater risk in event of down cycle and more time to manage required.  

I would plan for having to put 20%+ down for most deals. 

Seems like I could possibly get a duplex with that kind of down payment. 

I guess I can't wrap my head around the fact that anyone can make an argument as to how the doors and windows being left open was not the root cause of this issue.

Yes that’s what I was initially thinking… then I started to structure the deal in my head and it looked a lot more like what you described with a partnership.

Putting 10%+ down with a different lender and getting lower points and interest is 100% better.

I started down this journey once I realized that being a youth pastor alone would never provide the financial future that I want for my wife and kids so I started investigating real estate and reading "BRRRR".  

Creative finance all comes down to the creator!