You will have to arrange for the downpayment amount somehow because if you don't have the funds for a downpayment, your DTI ratio might also be low which decreases your chances of a mortgage. 

As such, it is not at all uncommon to find the arrangement you have described.

In our property binder we provide the tenant with contact information for the local fire-department where they can arrange to attend a free course on the use of fire-extinguishers if they are not already comfortable with using one.

In addition to the brokering we have a strong capital markets team in house and arrange for any type of financing with equity partners, funds and/or banks and can be creative when it comes to structuring the capital stack.

This arrangement could remain with the sale.

Vetting your sponsorship team is key too, because if you’re bringing on your investors, then you are putting their money at risk!

Although, if they're paying via check, then I would try to get them on a recurring direct deposit/bill pay arrangement since paying by check is really just an inconvenience for both you and the tenant.

A "sub 2" financing arrangement, where you take over the payments on a property, may or may not trigger the lien holder's ability to collect on the lien depending on the terms of the lien and state laws.

We placed a 3 day notice saying if she does not make payment arrangement I'll have to start the eviction process on 18th.

Let me know when you are coming to BCS & arrange to meet.I lived & worked in Austin from 1988 - 2015, so we have multiple topics to converse.