If you could find that close to you, you could be looking at:80*.8= 64k-50=14k usable equityWhen I purchase a new property I let the bank know in advance that I want to use equity from another property to pay down payment financing and closing costs, and they roll it all into one new loan, sometimes I walk away with cash in hand sometimes I do not, but you have to make sure you are buying the new deal at a price that can support the 14k add on to the price. 

There are great providers here in Indy and a lot of support here on BP.Let me know if there is anything you need.

I fully support @Dany Namou 's comment.

Aside from an FHA primary you're going to have a tough time I think, and your market might not support that. 

This is my first time purchasing from court house steps and I'm looking for as much support/knowledge as possible.  

It was very informative and supportive.

It was very informative and supportive.

So I would turn them down unless he is getting financial support from family due to being a FT student, which he probably is.

I'm pulling together a small network of BP members in the Sacramento area to support each other through the process and so wanted to extend an intro and invitation.

Do the comps support that risk/investment ?