The rates are generally going to be higher than conventional loans, but a great alternative. 

Like you said, to qualify for a conventional loan you need 2 years work history in the same field.

Therefore, if the deal is good enough and the other unit will pay the expenses, they may lend on the deal even if you as a borrower are not what a conventional lender is looking for.

The numbers aren’t as good as a conventional but here’s what I’m getting.

Conventional, 15% down.How did you add value to the deal?

25% cash downpayment with a conventional loan How did you add value to the deal?

Hello all, I am looking to buy my first rental property and am looking to start by using a conventional loan.

I currently have $20k for a down payment for a property and I was thinking of purchasing a single/multi-family property for less than $300k and put 3-5% on a conventional loan.

I was willing to seek conventional financing, however I asked the question, "would you be willing to finance it for me, aka act as the bank," since they owned the home free and clear, they were willing.

Some prefer commercial property, some favor the conventional types of mortgages, some specialize in VA loans.