My bank is offering to use my rental property which I acquired last year as collateral to lower the down payment from 20 to 10 percent.

The information available is amazing, but also very overwhelming and I am not sure where to start.I'm currently in some credit card and student loan debt and looking for advice on whether it's smarter to get more in debt to be able to start with flipping/house hacking sooner, or to continue to read for the year and a half to two years or more it will take me to get rid of my debt and save enough for a down payment.  

They’re used to making monthly rent payments to my LLC name and so would continue to make payments to the same entity, as usual, despite the LLC having changed hands

Maybe I'm wrong in this, but when I look at most opportunities, I ask myself if I could male the debt service payments if the property was 100% vacant.

Warning though:  Dave only recommends purchasing real estate using the 100% cash down payment method.

Our neighborhood has up to 38K down payment assistance programs, so, he had time to prepare for that.

The rent comes in, I pay the payment and leave the rest in the account to build up for payment coverage, those future repairs, and the day when one of the other tenants decides to retire! 

In the Texas Association of Realtors (TAR) promulgated lease, it says "If Landlord does not actually receive a rent payment in the full amount at the designated place of payment by the _______ day of each month at 11:59pm, Tenant will pay Landlord for each late payment...."  

The Mortgagee must obtain a lease agreement of at least one year’s duration after the Mortgage is closed and evidence of the payment of the security deposit or first month’s rent."

I have 60k to make as a down payment.