I am about to close on my first home which is west of LIttleton, CO (off Bowles & Wadsworth specifically for those familiar with the area).

Which I have done. it. all.To top that all off, the insurance company made me put a new roof on both structures (I think the roof had a bit of life left in it, but ok) - another $11k - and the main house needs around $6k worth of electrical that the previous owner didn't do properly ("fully remodeled" my ***).

I have a rental in Fort Worth off Hulen & 30.

Now, this is all dependent on your strategy (and money to implement it) but if I target off market properties in a state of disrepair then my down payment could be 0%...or I could target on market properties and use traditional financing and need 20% down.  

I also put in two properties that I own, one has 18 years left on a 20yr fixed and the other has been paid off in cash.

First off, the appraiser may use both the income and comparable sales approach to come up with the final valuation.

I just got off the phone with a seller who states that in a land contract, he would have to pay back up to 80% of payments to the buyer if the buyer defaults.

It's appears to be an off-market deal.  

If you list hard and fast terms, your sneakier people will conveniently leave some of their animals off the application. 

So I need to pay them off or keep them on the books and continue buying property with DSCR loans from now.