In this case, your monthly payment with 20% down will have a good MARKET rate if your DTI works with a much lower month payment and no mortgage insurance(MI).

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

Paint, Plumbing, Roof, Flooring, appliances.B- neighborhood.55,750 down payment + 20k in repairs.  75750 all in.Median rent for the neighborhood is 2k.532 cash flow.I already asked them to drop the price by 15k for us to remain in the deal. 

Do you have any suggestions on how we can secure long-term financing under these circumstances?

I financed this property using down payment funds from 403B and a local commercial bank.

A $400-500K mortgage is not a trivial payment plus property taxes on top of running your own house. 

If you are going to be an owner-occupant, want a low down payment, and are planning to do a renovation, the FHA 203k and Fannie May Homestyle loans are your best optionsHow do you know the property is currently upside down on the mortgage? 

My tenants had late payments, but they were eventually made whole—credit where credit is due.Another standout moment was in 2021 when a major winter storm hit the area.

At the very least you'll always know where you stand in any given situation, something few investors are secure about.  

A lot harder to get significant cash flow with those compared to when rates were 3%.Small to mid sized multifamily you can still get cash flow for turnkey stuff with a 20-25% down payment in C and some B areas.