Typically, these lenders have higher rates than your local banks and will want 20-30% as a downpayment.

Sounds like a good option--I need all I can get!

I've tried working the seller finance option, but without any success since none of the sellers seem to own their houses free and clear.

For example, a buyer putting 20% down on a $500k home would pay around $500k in interest over the life of a typical mortgage at the current ~6.5% rate.

If it's a rental...A DSCR C/O Refinance is an option right now.

Hello Ilya,Where are you looking at purchasing your 1st property.When converting a property from a single family to a multi family, you will need to check on the zoning requirements, depending on your location, not every location has zoning.As far as lending goes, it is far easier to finance a single family up to a quadplex, than financing 5 plus units, the DSCR Market for 5+ units is extremely low right now, and there are few if any lenders in that space.For financing 1-4 units, there are Millions of dollars chasing those loans, so you can easily obtain long term financing, at rates between 5-7%.Please reach out if you have a property identified, and I can help you with financing options.

Someone correct me if I am wrong, but form my understanding Section 8 doesn't typically cover remodeling costs for a property.

Thanks for your advices.I discuss with my lawyer and we will go for the escrow option.

Many people in your position consider speaking with potential partners and co-signers.The co-op/condo market offers more options within your price range.

Lastly, if divorce is in the back of your mind...or your wife's.... as an option when things get rough, don't start a business together.