Also, you should be focused on constuction lenders who offer best leverage (usually those who will capitalize interest reserve &  finance a portion of the soft costs), lower floors on the rate since most banks tie their construction debt pricing to the fed rate, perhaps offer lower or no pre-payment penalty if the property reaches the permanent financing phase of the loan product before you are able to refinance and low or no required depository relationship outside of the actual operating ccount.

Typically investment properties requires 15%-25% down payment depending if it's a single family or multifamily.

What I mean by this is considering how much your down payment returns to your net worth (appreciation, loan paydown, tax benefits, AND rent avoidance).

You'd have a payment of around $5500/mo, so you'd have to make sure that fits in your budget. 

Carlos had a couple of good ideas for down payments.

Hi @Felix Lilly,Your approach to buying your first property in the Vancouver WA area is a great start, especially with your interest in an FHA loan for its lower down payment requirement.

I am looking for something that is user friendly, makes automated emails to tenants the day before payments are due, when they are issued a late payment fee, an eviction notice, has the best credit card processing fees and automatic payments. 

Hi Cory,If you are simply buying from someone that has a mortgage on it, you will not be handling the full payment on the mortgage.

. $3500/month payments for mortgage and interest payment that i need to pay on sellers behalf. 4-5 month fix and sell time line.

That said, we don't enter them all the time because we like our tenants/trust them, but we have that option.