Conventional loan with a local lender and 10% downpayment.

Do you need hard money or a conventional loan?

I initially put down 20% on a primary residence loan. 

I believe I have two options.Property Info:Purchase Price: $365,000Current Loan: $329,000Interest Rate: 5.7%Mortgage:$1900PMI:$130Insurance:$157Taxes: $320Current Rent Left: $1200 (Market $1400)Current Rent Right: Owner Occupy (Market $1800)1.

So I’m thinking a home equity loan to build a very nice small rental?  

HELOC loan.

I have an opportunity to take over mortgage payments from a seller for their remaining mortgage where I would be on title, but not the loan.

It is also my understanding that several types of loan products including the VA loan and I forget the other one will not qualify if there is any sign of crumbling with the asbestos siding so you may be limiting yourself on the selling side of things if you do not go over it with vinyl.

Offering me loan at 5% interest for 30 years no prepayment.

Hi Choon,As @Andrew Kiel, mentioned, there are various costs involved other than the rehab, from closing, title, escrow, appraisal, lender's fee and carrying costs depending on if you are using a short-term loan.