On top of the 8 months I would need another year or so to save approx. 30k for a down payment on the second property.

My plan is to pay cash and wait until interest rate improves, then refinance and pull out $150k for a down payment on a second property.

You also want a personal guarantee rider on your loan, a balloon payment rider, and any other riders your attorney deems necessary to keep you and your funds protected.Of the purchase price, rehab, and holding costs, how much cash is the borrower putting in?

Then, when someone goes to get financing for the asset, the house appraises low, and since the lender is forced to lend off the lower of the appraised value and purchase price, their loan amount must drop and the down payment increases. 

So, it'd be a 12 month of interest only payments before full principle is due.So, my strategy is the following..

To be assumable you need a purchase contract with the owner, settlement statement/payoffs to show your down payment makes any sense against what is owed.If the HOA really succeeds, you will see that a Board member is miraculously on the transfer sale deed...The HOA cannot sign a contract to sell to you (they don't own it yet).

Rest assured if that happens you won't have to inquire about that one they stay pretty on top of that sort of thing. in our area even with an increase they tend to trail market rents at least double digits. 

I have yet to close a deal for an 18-20 year old, though.o Financing: the max eligible financing for a purchase of a property on a 30-year fixed is 80% LTC - requiring a 20% down payment.

How can I manage/track payments? 

If both of you are investing cash, why not split the down payment and the renovation?