As others have suggested, you could get a conventional or FHA loan if you want lower down payment options.

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.  

What are other options do we have if we don't have piror experience? 

Going to want to cast a wide net at first and figure out where you can best source your MTR leads from

Lenders can have different loan options based on the property type and the amount of rehab (if any) required for the project. 

Two best options are house hack or sell and acquire a 1031 property.

Many opt for other investing methods in their SDIRA like private lending, crypto, private equity...anything except collectibles and life insurance.Note that a Solo 401k is exempt from UBIT on leveraged real estate so if you have self employment activity and no full time employees save for you and your spouse you should consider the Solo K as an option. 

There are a few options.1.

Another option that requires more legwork is to call the servicer/ producer of the inverter.

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