Be super careful if you aren’t able to make these mortgage payments out of pocket if no rent comes in or a large capex expense “suddenly” comes up. 

The problem I am facing is I don’t have income and no collateral so I can’t finance my down payment  with lenders/banks. 

And yes, moving out and purchasing another property to house hack (and use the bathroom renovation budget for a down payment) is an option for me!

A family member agreed to finance the down payment, but I ran into a snag obtaining conventional financing so I ended up borrowing the entire purchase price from the private lender.

@Tyler Kowalczik- thanks for the post ....1) get pre approved for a nypotehtical  scenario  so that  you  can make sure you can get  financing and also  so you  can  become familar with the process  2)  you will need a  down payment of  15% or more   3) once you know what a  possible  realistic  loan payment  looks like - do your  reserach on  what  rental incomes  are  realistic  and  this should help with your  decsion making .....the prices are  high in LV ...Port angeles  or  P townsend  might be  better ......consider  Kitsap county  ( although its  been  increasing in value )

Ask for one year history of the rent payments from her family's rental property.

Was the house paid off or did you take over payments? 

.- Current owner continues making monthly payments, we pay him after he shows he paid the mortgage on time.

He would charge a double digit interest rate.

Downpayment, closing costs, holding costs (loan payment, utilities, insurance), money to front the contractor to get started (you get back after the rehab is done).