Any other creative financing or options? 

"Subject To" & "Wraps" are forms of Creative Finance when buying real estate. Instead of borrowing money from the bank, you are borrowing the mortgage of the person who sells you their property. You can see the ad...

If at all possible, I'd suggest beginning with a house hack because it should cut down your own monthly expenses while you build equity and there are great low down payment programs available for owner-occupied financing.

I have certainly found it sometimes difficult to see all the advantages and disadvantages of financing approach if you are not quite savvy yet - which I admit I am not! 

We put 50k down, 30k in renovations, and the seller financed 150k at 5%.

If it's cash-flow negative is it going to be a burden on our finances?

It's essential to evaluate each deal individually, considering factors like your specific market, property condition, and your own risk tolerance.Here's a quick summary of what you might do:70% Rule: Use this as your initial benchmark to assess deals, especially if you're looking at traditional financing with 70% LTV as a goal. 75% Rule: When you have access to lenders offering DSCR loans at 75% LTV, adjust your analysis to match this new lending option.

CPA/client relationship is definitely is something that needs careful consideration because want to find something that is the best fit for you in terms of risk tolerance level as well as budget.I just helped BP actually build out a CPA finder page so if you are still looking, check out that page to see service providers that have experience in working with RE investors https://www.biggerpockets.com/business/finder/tax-and-financ...

MLS How did you finance this deal?

Only way out of it is to seller finance it and make some money at least on the lending side of things.