@Tyler Williams to take complete advantage of the brrrr in your target area, I would save $75,000-$100,000- paying cash for the properties will open doors to buying options that aren’t available when using loans - I have a client who bought a foreclosure two months ago in Baytown for $31,000 - it had to be a cash sale - after rehab, he has about $50,000 in equity - THAT is how multi-millionaires are made!

Also with our current primary that was a foreclosure purchase 4 years ago has grown into $100k in equity and is still climbing.

Realistically, you could be better served finding "deals" with built in equity or force your own equity through rehab, and this would drastically cut down your capital needed for down payments.Best of luck!!

Side Note:  One of the amazing things about real estate is that this is your second deal, you mention having trouble with permits & contractors and despite those challenges you are still able to create over $31k in equity with this project!

I want control, leverage, build-in equity and liquidity.

With the deal I made, I only ended up needing to pay $10k out of pocket, and I will be getting a cash flowing duplex property, and an instant $60K in equity according to the appraisal and comparable in the area once rehab is done (assuming all goes well!). 

Do you mean 20M in equity or just property value?

@Devon Carlock with six hundred K in equity they won't finance you? 

I can see in California at least where rents are minimal but the market shoots way up in equity value and when they sell they get a big payoff.In areas of low to no appreciation and long eviction times with tenant friendly states I do not see what the draw is.

That means you must have 25% in equity invested in the property either through cash or appreciation.