Option 1 allows you to spread your investment across three properties, considerably increasing your rental revenue and accelerating portfolio growth; however, maintaining several mortgages can be difficult, potentially limiting your cash flow, especially if one property is vacant.

My mortgage is also going to go up one last time next year, increasing the pymt by another $50.

And if you buy all cash and you don't like it then simply put a mortgage on it and use the cash to buy another. 

I live in Garden City, Missouri, which is about 45 minutes drive from the property in Kansas City.The property is currently vacant.I own the home, have no loans or mortgages.

You're already mortgaged at 80% LTV.

Borrowing money from grandma is not wise, nor is borrowing money from a hard money lender or cashing out equity in your primary home to generate a down payment on an investment.Do the hard work.

But with our market and projected rental rates compared to our mortgage (with 2.99%) we decided the purchase price for a new primary would be more costly down the road than another rental. 

I owe $84,000 on the mortgage.

We had 20k to put down in cash and we did a mortgage for an investment property.

I'm looking to connect with other investors, lenders, agents, and attorneys to help me learn and grow.