Mortgage payment is approx $1800.

@Robert StephensonIf you have enough equity in your primary or rental you can get a HELOC or HELOAN and use the proceeds as a down payment to buy another rental.

I do have equity built up in my home, but I don't want to be saddled with yet another payment.

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

I did my research and requote what would benefit both me and the investor, below is the Finalized CORRECT format of the proposal:Listed price on the property: 459,900MAXIMUM amout of money down on the property: $380,000Method of Payment: CASH OFFER from Investor.

It can take 2-3 months before payments get approved. 

Here’s the situation:Purchase Price: $540,000Down Payment: 20%Mortgage Rate: 7.125% (30-year fixed)Monthly Expenses (Mortgage, HOA, Taxes, Insurance): $3,706Realistic Max Rent: $3,000As you can see, I’m currently short $706/month even with max rent.

Does the revenue good enough at least to cover the mortgage payment?

Doing this would allow me to cut my down payments in half. 

Here in the Myrtle Beach area there are plenty of deals that will cash flow with a 25% down payment.