Was gifted down payment and received conventional loan.

You will not retire or grow rich off cash flow, it will be the appreciation and eventually the loan payoff. 

-Would still ask for a security deposit and our standard rental qualifications.

There is a reason why they won't loan to you on this project and it's for your own good (and theirs).

Get with a local banker and have them walk you through the process of getting a loan from them. 

Local bank, in house loan.

You will definitely need at least 20% LTC (Loan to Cost).

There you will be asked your criteria and then after answering a few questions you will be matched with 3-5 agents or loan officers in your area.

I had the same general reaction @Chris Seveney did...I like to distinguish between what's possible and what's likelyLots of posters:"I can't believe how high the closing costs are on my loan - no one told me this""I don't have a down payment how do I get one""This tenant turnover is costing me thousands of dollars!"

• Purchased directly from a mom-and-pop operator off-market• Secured $1M credit union loan and raised $500K equity to close• Existing owner had inflated expenses and below market rents• In-place rents approximately 30% under market at purchase• Expense ratio at least 10% above the norm How did you find this deal and how did you negotiate it?