This would be an opportunity to discuss deferred payments and a 5 year balloon. 

There are loan programs that will do a 20% down payment with a 680 or above credit score. 

Your $80K HELOC can serve as the down payment, as most lenders require 20%-25% of total project costs upfront.

I’m a fan of harvesting the equity to buy more and more cash flowing properties with zero out of pocket cash for down payments.

My plan was to keep the condo as my residence, but after a year, refinance to fund a down payment on a multi-family property, either out of state or in the surrounding NY area.

am working with them now and had the first policy (with Spinnaker) cancelled for nonpayment/late payment so we rewrote another policy (with Millenial) and having the same payment problem again but at least they are communicating that cancellation is coming. they want me to pay by credit card over the phone so the payment wont be late and cancelled again. but when i go to mycoverageinfo.com to check on status it shows its been paid.

Recently, management changed it so both loans can be made with one payment versus two separate transactions. 

.$150 x 12 months = $1,800If you put $45,000 into real estate as a down payment, you are looking at a 4% cash on cash return.I would consider this decent.If you put $20,000 into the deal, the cash on cash return is higher and its better.If you put $200,000 into the deal, the cash on cash return is lower and considered worse.However, cash on cash return is not the only return you should consider, you should also consider appreciation.My benchmark is trying to achieve atleast an 8% return between appreciation and cash flow.Best of luck!

I wouldn't worry about the $1000 payment.

you may have to save up until you have enough money to do so - down payment, closing costs, reserves, etc.House Hacking: What Is It, How to Start, and Strategies for Successit's a more powerful way to get started.