If not most likely you'll need to use a bridge loan to acquire and then stabilize and move into long-term financing.  

I'd try and strike a happy medium but please secure a lender on the back end first - at least a verbal okay and then get their opinion as you being to acquire properties to see if they will fund those deals on the back end.

So I was hoping to find out if anyone has ideas on acquiring such a large down payment or another way to find financing for this deal.

He currently resides in San Diego (staying after separating from the Navy) and is looking for a good, long-term tenant for his newly acquired property.  

I also acquired my real estate license, first for the knowledge that came with it but also for the connections and the commission on any deals I do doesn't hurt as well.

In Austin right now, I'd say our sweet spot is somewhere between $180k-$250k to acquire properties.

My post was not really a 'you can find 100's of good deals on auction.com and other online auction sites (Xome.com, Hubzu)', but rather an anecdotal account of how I acquired my 2nd property.

I'm underway with a rental rehab we just acquired, the porch has tile.  

What can a new investor do to acquire a house in a competitive market? 

We are starting our journey Ian have acquired two houses for rentals in the past few months and would like to keep building our portfolio in our LLC.