You will need to get 5k-20k to put down for down payment/closing costs.  

I am risk averse so I hold at least 6 months worth of mortgage payment as reserve - if a tenant leaves for whatever reasons, at least I'm covered to a certain degree.

.- Hard money will do the loan but with rates at above 8% with sizeable origination fees and significant pre-payment penalties.I was hoping some of you seasoned folks could help me figure out some creative financing solutions for this little conundrum. :)

I plan to keep working to save 20% of down payment to buy an other home rent it, with that cash flow do it over and over again.

When the tenant moves out you will have a minimum of 1 month if not two months where you receive no rental income, you have to pay the mortgage payments and then you get to spend more money on make ready repairs, if the security deposit was low you will have more out of pocket so the income earned over the last 12 months has disappeared and then some.

What is your current gross income less expenses, not including your payment to the seller?

We have assets that have returned 100% of the investor money in two years and the investor still is in the investment getting quarterly cash flow checks.We still keep the apartment in the partnership and every quarter like clockwork the investor continues to get payments.  

I would likely have to take on a partner to afford the down payment (I have a partner lined up for this specific deal).

@Stephen Sawrie,Do you mean can you use your SDIRA funds as a down payment and finance the rest of what you need to purchase vs. can you offer to finance OTHER peoples projects? 

I gave them 5 days to make the payment...which they have not done.