There should be a minimum 12 months for the 2nd/final payment with clawback parameters. 5) Seller Noncompete: make sure it includes that the seller cannot conduct ANY real estate related business with the owners you are buying for X years.

In Cincinnati, 60k will be more than enough to for a down payment and closing costs, and have funds for any "surprise repairs" that will inevitably come.

Here are key points to consider:Loan Eligibility: You can buy a multi-family property with a low down payment if you occupy one unit.

So it may feel like you are getting a big payment, but its not subject to taxes like as in a sale

I've heard 3-4 unit conventional/primary residence loans are more difficult to achieve with the new low 5% down payment option...

PS payments to contractors and other vendors require a 1099 for amounts totaling over $600.00 in 1 year. 

I would like to move forward with building our RE portfolio, but not sure if we should sell and put the profit into 1031 for a new property or start looking into other properties with limited cash on hand for down payment (and start saving up in the meantime). 

We are trying to get creative with financing as our family cannot really float the monthly payment we were quoted for 6+ months while we renovate the property and prepare to open the business.

I got a HELOC on my primary for the down payment.

It sounds great, but if you're using conventional financing, your new DTI = (Old debts of $430 + plus new payments of $800) / ($1000 old income + $1000 new rent) = $1230 / $2000 = 61.5%, You just went from qualifying to not qualifying.