They said something about a gift but is there an easier way to do this?

Money that was a gift from family member or an investment from a partner will not count towards your total, so that's not really a viable way to raise money if you are doing conventional financing.If you are going to get a commercial loan, then all the rules change, and you'll have to check with someone with more experience with that side of things. 

That's $1,800 a year that you are losing and gifting to the tenant.

If your parents carry the note and will it to you when they pass- that is a gift and might be subject to tax.

Other Options: Pay off all your debt, or have a family member "gift" you the money (CHECK IRS RULES HERE)Have a co-signer on the deal.JV with someonelease purchaseHard Money (ABSOLUTE LAST RESORT, they don't like lending on OO properties)Probably a couple more ideas around...Good Luck!

If you are just looking to buy to rent and then buy to hold and keep going you might want to have a relative gift the extra cash for you 20% down it will help you cash flow later in passive.

All that is key is that in order to defer all tax you must purchase at least as much as you sell and use all the proceeds from your sale in the purchase or purchases.Someone else may add funds - either through a loan to you, a gift to you, or buy buying a % interest in the new property.  

@Jordan Campbell I second other poster's opinion here Keep it simple for your first deal and partner up with your close family (either as cosigner or gift funds) for the sameSince it's OoS STR, you can potentially use a 10% down second home loan with a cosigner and use it as an AirBnb.

Send a thank you card or a gift card as a follow up.

You might want to take that $50-70k and look in a lower price range in the southeast part of town or Ypsi.Keep in mind that money from family and friends would be considered gift funds if it hasn't been sitting in your own personal account for awhile (at least two months), and conventional lenders won't accept gifted funds for your down payment.