If you ever want to have a discussion to explore your options or ask any questions about the concerns you mentioned, I would be happy to help! 

Quote from @Chris Seveney: Quote from @Don Konipol: The potential problems mentioned by the responding posters in this thread are real and well thought out.  

If the market value mentioned above is accurate and the “initial” loan balance hasn’t increased by rehab funding, I wrote above that the proceeds are just a couple million after closing costs and commissions.

As others have mentioned, starting with a turnkey property could be a great way to learn the ropes of real estate investing before branching out into other strategies.Best of luck!

However, for building materials, we get 99% of them from the four mentioned!

Like others have mentioned, a 30 year loan is better (less pressure).

Here are a few strategies to consider for funding a down payment:Partnering: Like Gregory mentioned, finding a partner who can contribute to the down payment in exchange for equity or a profit share is a solid option.HELOC or Cash-Out Refi: If you have equity in your home or another property, a home equity line of credit (HELOC) or cash-out refinance can provide the funds you need.Private Money: Reach out to friends, family, or private investors who may be interested in lending you the down payment with a promissory note.Seller Second: In some cases, the seller might agree to finance a portion of the down payment as a second mortgage.Live Frugally and Save: It takes time, but reducing expenses and setting aside funds from your income is a tried-and-true method.The right approach depends on your situation and deal structure, but a mix of creativity and resourcefulness can go a long way.

@Steven Hamilton II I want to mention that My husband and I both reside in California, and I manage the property remotely from California via Zoom calls, and also physically visits the property.

Some high and lowlights:- I had one tenant that brought German cockroaches in and then blamed it on me- Same tenant asking if her daughter can visit but failed to mention it was 5 more very noisy people- another tenant having constant loud arguments with his gf- tenant saved some of my stuff when the house flooded due to a pipe burst and another time during a monster rain storm.

@Tayvion Payton - I agree with what most others have mentioned.