I am getting ready to purchase my first rental property in Oklahoma City, OK and I’m looking at an home that is priced under $80,000.I plan to put 25% down to get the best rate.I’m from California and haven’t run into this before... but it seems like there are lending minimums and a conventional loan of $60,000 isn’t something I’m finding easily.I could likely get a hard money loan or get a HELOC on my primary residence and purchase the home with cash... but I don’t like these options because the interest rates are higher than a Conventional loan.Besides hard money or a HELOC, are there any suggestions on how to get this smaller loan at a reasonable rate?

Here’s a quick overview of my situation:•I purchased my first BRR rental property for $81,000.

Full doc, 20% down on purchase and rehab, hard credit pulls, for a loan you intend to get in and out of.

He purchased it a year ago for $325kDuplex listed for $396k Offered $350.

The purchase price is 225K and property was built in 1910 around the Harrisburg, PA area. 

He has all the numbers and can show you how purchasing a home on a 30 year mortgage is wasting 100's of thousands of dollars because of interest, etc. 

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

@Bethany Travis, the short and straightforward answer is to pay a real estate attorney to draft a purchase and sale agreement with an exhibit to assign the contract.

I am currently looking to purchase an investment property.

Overall, the state is quite overpriced, mostly due to the Texas hype.Based on your description, I would guess you are looking at a purchase price of $325K and rental of $2000 or so.