I selected Lewiston for the post as I didn't see an Augusta option, but I do work all over the state.It was my family's property management business that brought me to Maine and sparked my interest in and passion for helping investors achieve their goals. 

Are there other creative options I haven’t considered?

I’d focus on property types that align with my strategy, leveraging financing options that fit my budget.

Look into local tax incentives and financing options, and reach out to local real estate groups or mentors to better understand the market.Good luck!

I am looking at different loan options but to break even (not having to put any money of my own in the house after the initial down payment) the current down payment required is that much. 

I think you’re under a misconception that’s leading you to think you have options you don’t…You say it’s worth $1.1M and you’d net $500k.

Alternatives include seller financing, a lease option, or using an LLC or trust to structure the deal while maintaining tax benefits.

Gives you more options.- at year 7 if value appreciated a lot, can i do a HELOC on it and use that HELOC to pay off the balloon - probably not due to lien being secondary etc on helocYes on the HELOC, but it would probably be easier just to refi and pay off the seller, and cash out more money too.Hope that helps and good luck!

Give them a couple of options, they already know the unit got foreclosed, most people move to avoid the hassle. 

So those are kind of my options- rent at a loss or sell for the balance.