One thing to consider is finding a down payment assistance program in your state/city.

If it's over 50 units there are companies that will pay for, install, own and operate the system and will pay you a lease payment.

You still need a 10% down payment. 

You will need to spend some time finding the right deal in order to cover the purchase price and the renovations and still be able to refinance with a payment that the rent will afford. 

Like all income related to real estate sales, the payment is from broker to broker, and disseminated to the licensee under the terms of their independent contractor agreement. 

This strategic move paid off handsomely as we were able to command higher rents than initially projected.Here are the key financial details of the deal:Purchase Price: $270,000 (jointly with a partner)Financing: Obtained a commercial bank loan with a 30% down payment, 7% interest rate, and a 20-year amortization period.Initial Rents: $1050 and $1250Current Rents: $1400 and pre-leasing for $1500 (making it a 1% rule deal!)

What are the thoughts on having my tenant pay $1,500 per month into my kids 529 (half the rent) and then pay the other $1,500 to me? They could use the tax break for gifting into someone's 529 and I wouldn't claim the...

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(for that matter they will not be lower then a 10 arm with amortizing payments) as interest only actually adds a layer of risk to the lender.

Many investors struggle with the higher down payment often required when purchasing a rental property which is why I suggested house hacking.