I would find real estate investing meetups in your area right away so you can network, in person, with other people to hear about how they handled their first landlording experience.

I know RentRedi uses Latchel but the reviews I have read have left a few concerns.

House hacking right now in many areas will be at a loss, but less of a loss than owning something with no income coming in on it.

hey @Shaydon Childersmost responses are right, this will be challenging for traditional DSCR as they dont like gift of equity; and seller credits would be capped (usually at 2% of your purch price) and only allowable to be applied to closing costs. i have one lender (specifically for 1-4 unit investment properties) which will allow for up-to 90% CLTV... and they are okay with seller financing so long as the seller is in 2nd lien position, allowing them in first lien position. they would max at 75% LTV on their 1st, with a 15% allowable seller-carryback (90% CLTV), and then up to 3% seller credits toward closing costs too. they offer 30 year fixed rates, however, due to the added risk for the lender, the rates are going to be much higher than the traditional DSCR loan.

Or the place is not livable right now, in which case he can't get an FHA loan, but that doesn't matter, because he has 100k to put down.

Hi Debbie,You can either do a cash out on one of your other properties or do a hard money note to build the ADU, I'm working on a few of these right now as it's a popular business model in the rental space.

That'll get you 10k right there without having to do any work.

You can even advertise your services right here on BP - Nicole has more info.I'm sure the BP community will have some great suggestions for you. 

.: @Emma Hustiswell, they're separate - you'd negotiate the price and terms with the seller, and now that's your mortgage payment (principal and interest, or P&I)then, you plug that mortgage payment in, as an expenseso, use a mortgage calculator first to generate the monthly payment, based on the seller financing termshope this helps Right- I understand that. 

Those terms would make more sense on fix and flip or BRRRR. from a HML or PML  that does new builds absolutely rates are at least 2 and 12. and that's for those with  experience.. my bank rates right now are 1 and 7 to 1 and 9 depending on which bank I use and if they are presold and I have built over 200 homes in the last 5 to 6 years..