Alternately, there could be a small option fee (for the right to purchase at a predetermined price in the future) and the downpayment proper is due at the point of exercise.  

What would be my alternatives.  2.

David, I do have a solid mentor who's done countless commercial deals .

But this might take longer than selling with owner financing.So does anyone have an alternative way to profit here?

Another alternative is take out a loan on your vehicle or even in extreme cases an advance from a credit card. 

The way you leverage assets is about being able to borrow as much money as your risk profile will permit you and then use it to make as much money as you can.Given the vast number of alternative ways to make money in RE the key becomes how much can I borrow and can I earn more than the cost of the money.

As for alternatives.

Alternately, you could look at doing a conversion of tax-deferred funds to Roth status if you want to have more capital in that form.  

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As a result I am looking for alternative refinancing for my rental property.