Ideally, try to save as much as you can and keep expenses down while you go through the process of purchasing the property. 

You can do the math, but assuming it takes 6 months to get your money back you will be floating these types of purchases with cash or hard money loans. 

I am thinking about purchasing a turnkey property from padsplit and the property is currently being managed by "Two Keys".

In the end, I prefer the long-term rental route with a good tenant though and over time when I start traveling for extended periods again, I will likely shift them back to long-term.I personally, would not purchase a property for the sole purpose of being a vacation rental - it's just not part of my investment strategy though, I have met people who do quite well with that model. 

Should take the opportunity and ask the bank to renegotiate the purchase price at a deep discount? 

The vacation property was purchased in 2017 for $500k and currently valued at $1.3mil. 

Hello Bigger pockets community, I'm brand new to the real estate game and recently purchased my 1st property.

I am considering purchasing a large 2 family in the Bergen-Lafayette area of Jersey City with plans to convert into two condos (plans area already in place).  

Typically, most lenders will require a minimal of 20-25% on a multi-family investment property purchase. 

Income verified online through borrower's source of choice such as bank statements, asset accounts, paystubs and IRS tax filing.