From then on, I make the payments and I own the house.

Would I be able to take out a loan, let it sit in my personal savings account for at least 60 days and be able to use that as a down payment on a house?

One offered asking price with a $20,000 down payment and atleast a 3 year balloon.I really need to get this house sold.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620, many blemishes, but should have no evictions in last 2 years.

Banks were pausing on foreclosing during the crash on properties with large hoa balances (they already had too many properties)so the hoa’s were stuck with non paying residents since no one would bid on their hoa foreclosures since they all had upside down underlying mtgs.

I liked the large down payment I got up front but the property never cash flowed.

Non stop for like a week now.  :-)

I've calculated the mortgage payment to be around $5500/month with a 6.6% interest rate and 20% down so that means the property will be in a negative $1600 without even counting capEx, vacancies and other fees. 

Coops in NYC will require 2 years maintenance and mortgage payments to be available post-closing. 

Condotels generally require a minimum down payment of 20%, which all comes down to the condo financials and the condo questionnaire once under contract as to whether or not more than 20% down payment will be required.