Purchase price: $275,000 Cash invested: $294,000 Sale price: $355,000 Seller was behind on pay HOA payments and in risk for losing the property.

While I love the idea of eventually owning a paid-off primary residence, I’m debating whether it’s smarter to sell our current house and use the equity as a down payment on the new home or to keep it as a rental.

Based on your down payment budget ($40k-$60k), at 25% down, you’ll be looking at properties in the $160K-$240K price range.

Are there any options with lower down payments?

I'd be seeking someone to fund the down payment of the deal and I would be responsible for property management/bringing in funds for initial renovations for a profit/split.

I'm very new to investing and weighing which options would benefit me the most.Option 1:  Use the cash as down payment on another primary residence and rent out the current.

Does anyone have any recommendations of first time home buyer grants or down payment assistance programs for New York State?

Keep in mind of the I/O(payments/period) and game plan on how fast you'd like to pay it down. 

To improve cash flow, consider a higher down payment, mid-term rentals, or renting by the room.

The only purpose of the account would be to collect payments and pay bills like taxes and insurance on assets held by the LLC.