Hello, BP!New investor here looking to start speaking with some lenders about qualifying.Wondering if anyone here would be willing to offer up any recommendations for portfolio lenders around the Twin Cities in Minnes...

Using traditional bank financing for non-owner occupant 20% down payment for a single family and 25% for a multi is standard.

The property is non traditional in a sense that it is TINY.

If you're wanting to sell it when you move, or use it for equity leverage later, the first choice sounds better.  

At the end of the day, I want to buy and hold on this property, so I'd like a way to come up with the cash and refinance ASAP to get my cash out and have a traditional rental property.  

Success is a process, failure is a choice

My initial reaction is that I would inform the Seller that failing to close would breach the contract, that you are fully prepared to close and will proceed as if closing will happen as scheduled in the contract, and that if Seller breaches the contract you will have no choice but to exercise your right to seek a remedy.

Spend some time on your free "MLS" of choice.

The last 5 years has been atypical with the credit markets and such where FHA was either competitive with conventional loans, sometimes cheaper than conventional loans and unfortunately at times, the only choice for a mortgage.Each bank has their own underwriting standards since again, they are the ones lending the money.  

Lots of other choices as you get around the city and north as well.Had a similar start to you.