I ask them for the best method of communicating (email, text, phone call, letter) and put that in the notes.

In that case, you don't have to do anything except sending a letter.

@Eric Mcginn, some banks will let you keep going with them and others only want to carry so much paper (debt) for an investor. 

I just received the pre-approval letter from the credit union and I want to see what people here on bp think.

@Julie Marquez I have had people sending me letter to buy our property on Guilford Rd.

A personal budget will only carry you so far.

If seller financing is actually an option would it be possible to have the seller carry a portion as well as a financial institution or will that create a conflict?

In the MLS description, it says "Owner will look at carrying a first note and deed of trust with a large down payment."

This purchase can only be done with 1 kind of loan considering a seller carry back is involved in the deal.

Save up.Perhaps, if you feel the urge and are comfortable with higher risk, you can use the money you have now to advertise, sending yellow letters to distressed property owners in the hopes of picking up a place below market value using hard money and rehabbing it to refinance cash back out, but it's not always the best idea to start with a complex purchase with tons of moving parts before you've jumped in the game the traditional way.Best of luck, whatever you choose to do!