In addition this fire storm started when payments stopped or payments were returned to the bank NSF.

The maximum fixed-rate period seems to be seven years, and there is generally a balloon payment at 10 or 15 years.

For example, if you need $7,000/month to replace your current income, and each property costs $250,000 and generates $300/month in cash flow, the amount of cash you'll need just for 25% down payments is $7,000/$300 × $250,000 × 25% ≈ $1,458,333.

This felt like they were turning me into their money-making machine.If they’re charging $10K upfront, plus $200 per month, and taking 50% of the profits, why aren’t they putting in 50% of the work or covering 50% of the down payment?

Breaking Even & Potential Cash Flow•Your goal of breaking even in Year 1 is very achievable, especially with a 5% down payment and PMI removal via renovations.

What kind of account or vehicle would you suggest to start saving down payment money for my first rental property?

Given the market conditions and your hard money loan, it might be wise to first calculate your monthly holding costs, including loan payments, taxes, and maintenance.

I’m close to saving up for a down payment but it’s taking forever!

Maybe a better question would have been if you know how much money you have for a down payment on a property? 

As already mentioned, you could sell via seller financing to lower AGI, as all you would have to claim is the payment income - until balloon payment received.Did know an investor that had 14 properties paid off and he moved into one every two years to then sell with the $250k single exemption.