Sounds a lot like this that I hear from dead beats all the time “ I was going to pay you but now that you demanded payment I’m insulted and not going to pay”.  

We have an LOI accepted on a property where the seller is going to carry roughly half of the 25% down payment.

My plan was to keep the condo as my residence, but after a year, refinance to fund a down payment on a multi-family property, either out of state or in the surrounding NY area.

Fifteen percent IRR is possible, and single digit cash on cash is achievable. 

Make that rent payment out to you and pick up a roommate.

Unless you've done substantial improvements to the building or used a large down payment when buying, it's unlikely this will work.Perhaps your best move is to find a new primary residence that is 2-4 units and repeat the process.

I financed this property using down payment funds from 403B and a local commercial bank. 15% down from personal funds. 85% down from community commercial bank. 3yr balloon, 20yr amortization, 7% interest rate.

My client had some things come up that prevented her from executing, but these were some of the options I had put together for her, a regional bank, a regional CU, and a national bank.Reminder that NOI sizes CRE debt, and that's often what determines the down payment requirement, not anything to do with the client or particular lender, just the property itself.

I usually end up with a list of buyers with down payments but I don't have any more inventory for lack of inventory (capital).

A $100-$200k down payment would get you a decent multifamily property, possibly with land depending on where you look.