Im wondering my options on financing my first property. most banks wont approve me for a loan because of the current time ive been at my job (6 months) So im just wondering where i could look to find a loan of around 40000 for a property.

Dont get me wrong, 60k is a decent chunk, but it wont get you another property for all cash most likely.

Let me know what you guys have done or if im thinking way out in left field i wont be offended just looking for some direction! 

I mean i have good credit and some savings for down payment but a conventional loan is asking for 20% down vs the 10% down for the HML but then again conventional wont cover the rehab cost and 203k is out question since i am not living it.

Went to my mtg broker and hes telling me that banks wont do such a small mtg loan.I never thought this would be a problem?

A property manager typically wont do what you want them to do at first, if you have no properties to feed them. 

You may get away with a structurally sound building that's just ugly, but anything in need of moderate repairs usually wont pass the inspection requirements for those types of loans (VA, FHA, RD, etc.).

The problem is that nobody can predict depreciation so it's more of a gamble, particularly in a state like California where a governor or City council can destroy the market with their heavy-handed regulations. 

@Rolando Riveracool. i think you wont have an issue finding a good property for the amount you were approved for. 

Realistically I'm thinking it probably wont sell higher than 130k, so that don't leave a whole lot equity to get out of it so i may not end up picking up another unit this year but I'm still working on it.