I am no longer an SFR investor but if I was, I would look into investing in cyclical markets that have experienced recent large price declines (and make higher down payments than 20% to drive breakeven cash flow at inception and increased cash flow as rents (and values) increase).

Obviously we could help him with a down payment and cosign if needed.What would you buy?  

Additionally, you'll need to locate a property with either a vacant unit or a shorter lease that could be canceled, allowing you to occupy a unit as your primary residence, as required by the terms of your low down payment loan.

Purchased house for $260k at 3.8% 30-yr fixedCurrent mortgage payment is around $1850.

Your strategy may work on a bridge loan, however, you will need to be careful about the balloon payment.

Time is running out,  file for an extension, make a payment and get a second and third opinion.  

You can use DSCR programs that only looks at your credit and the property itself.Either way, it will be important to have a high enough credit and down payment to qualify.

(My spouse just landed her first gig and is projected to start in November 2024) and we are ready to invest starting fresh in 2025 with minimal payments left on loans, etc.

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Generally there are three categories of multifamily investment properties – which will greatly determine your loan options.These three categories are based on the number of units at the property.2-4 Units: While these are “multifamily” properties in the sense that there are “multiple units” – you will generally have very similar options for financing to traditional residential loans on single family rentals – think the traditional 30-year fixed rate conventional option or DSCR Loans – and the coveted 20% down payment option too.