There are other loan products available that are still a low down payment. 

Our builder is Bill Lowe, who we really like so far.

I've never really done a deep dive in analyzing the area because it is a retirement community, median income is very low, and there arent a lot of jobs in the area.

Consider a HELOC for value-added BRRRRs or flips if you have a low interest rate.

Note the property tax will be -10% on the rent by itself.Month 0 to 24: $2450 * 0.5 - $1573 =-$348/monthMonth 24 to 60: $2450 * 0.5 - $1541 =-$316/monthNext issue is due to the low leverage starting at month 24, the ROI takes a beating.  

Until 2018, when it was closed due to low revenue and high maintenance costs 2.

A property manager’s expertise in handling maintenance issues, dealing with tenant concerns, ensuring legal compliance, and keeping vacancy rates low can make a huge difference in the financial performance and sustainability of a property.

His credit score is fine but his income is showing too low to get the loan, so I though maybe I could use my HELOC to make the purchase and do a Lease to Own.

@Travis GuttingAssuming you are trying to keep things low-budget, here are some options:Driving for Dollars – Look for distressed properties and contact owners directly.

With that low interest rate, you will have paid down a lot of equity in the deal and should be able to finance with a bank.