Unless you are looking to go hard money you will not secure financing for a vacation home with 5-10% down.

Hey everyone, I am fortunate to be able to say that I have two potential options here.

Yes there are a lot of HELOC options for rental properties.

I would like to know the best approach to let the tenant know about the repairs with the option to modify the lease for a smaller unit, I don't want to come across as a shady landlord, because I like the guaranteed check from section 8 and the tenant.

On top of that, I don't have a car, which limits my work options to roles that allow me to finish by 4 pm.

If your income is needed to support the loan then we would have to qualify the financing under a different program. 

You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property.

We had a subpanel installed which is an option but would have upgraded service if we needed more AMPs.

Best way to use it to avoid getting hit with the higher payment would be to set the payment up on a Bi-weekly and use the cash as a 'All cash" purchase.When you use "All Cash" on a purchase you can then get a "Delayed Financing loan up to 80% LTV to get the majority of your capital investment back into liquid reserves even on a investment.

Or using a hard money loan or other creative financing a better route to go?