There are other loan products available that are still a low down payment. 

Our builder is Bill Lowe, who we really like so far.

@Travis GuttingAssuming you are trying to keep things low-budget, here are some options:Driving for Dollars – Look for distressed properties and contact owners directly.

I've never really done a deep dive in analyzing the area because it is a retirement community, median income is very low, and there arent a lot of jobs in the area.

Note the property tax will be -10% on the rent by itself.Month 0 to 24: $2450 * 0.5 - $1573 =-$348/monthMonth 24 to 60: $2450 * 0.5 - $1541 =-$316/monthNext issue is due to the low leverage starting at month 24, the ROI takes a beating.  

Consider a HELOC for value-added BRRRRs or flips if you have a low interest rate.

Until 2018, when it was closed due to low revenue and high maintenance costs 2.

His credit score is fine but his income is showing too low to get the loan, so I though maybe I could use my HELOC to make the purchase and do a Lease to Own.

As you grow your portfolio, keep an eye out for lenders who offer low down payment options for investors or those that allow leveraging the equity from your existing properties to fund new ones. 

With that low interest rate, you will have paid down a lot of equity in the deal and should be able to finance with a bank.