You can get in with a low down payment and good terms by living in the property.  

I've read through the contract and will summarize here with simplified numbers (not the actual numbers) what I believe the contract says and follow up with some questions for you more knowledgeable members:1) Purchase Price: $100k2) Initial Down Payment: $10K3) Buyer pays seller monthly payments based on 30 year amort of 90k at 5% which is $484/month4) Remaining principal balance to be paid off on the defined Closing Date (roughly 2 years from now)5) Buyer pays taxes and insurance6) Buyer to provide Seller a Loan Commitment from a Lender on or before the Closing Date7) Seller will transfer Deed when Buyer pays full Purchase Price8) Buyer will pay the Seller's existing monthly mortgage payment that exists on the property, which is $100/month, directly to the bank.

The rent rolls, payment history, and other tenants are good. 

We are looking at easily getting a 15%+ return on that over the long run.One strategy we are working on is getting a loan against one of the ones we ALREADY own free and clear from a private investor and use that for half of the down payment on the new one, essentially putting us back at that 20% from our IRAs that are not already invested in real estate. 

Then add ALL costs related to holding the property (utility costs, insurance premiums, property taxes, loan payments, etc.).Concessions: Concessions are what you give back to the buyer at closing.

Hello @Shaun PalmerI just use standard MLS Purchase and Sale Agrements (PSAs) that title co's are used to.A standard addendum called (here) a Method of Payment Addendum is pre-printed and just needs you to put in the amount down, term and rate.  

With my current financial position, the properties need to have at least 1.2 rent/value ratio or higher, be 75% of value, and $150k or less. if the numbers work out in the near future, i would like to start using hard money lenders for the down payment and closing costs on the properties, and purchase them traditionally. i would like for these properties to also have a 1.0 or higher rent/value, and with my current credit i can get approved for around $150k-$200k, so the property would need to be below that. once i fill up my 10 allowed traditional financing properties, then i would go hard money lenders for down payment / closing costs, and private financing for the long term. by that time though my own portfolio should be able to provide down payments in leu of hard money. your comments and positive feedback / critizism about my strategy going forward is appreciated. i am a brand new real estate investor, finishing up on my first hard money/refinance acquisition now, so im just getting started and looking to grow the portfolio quickly. thank you

I am very interested in getting my first property but do not have much money to put forth as a down payment.  

As part of your due-diligence you will want to take a look at any existing lease and get the rent rolls if possible (payment history) so you can see if the current tenants are paying on time and how much.

Yes, and no.No for Cash:  Someone has to have cash, if you are buying all cash or partial cash (down payment).No for Credit:  If there is a loan involved where credit is a qualifying factor, someone must be able to qualify.Yes for Cash:  There may not be any cash involved, but if there is, it doesn't have to be your cash.Yes for credit:  There may not be any loans involved, but if there is, it doesn't have to be your credit that is used to get the loan(s).