I currently own a home that I call my primary residence but I rent it out to a friend and live with another friend. I am looking to purchase a home near the Arizona state university and rent it out to college students. Is there a way to get around the high down payment that the banks are looking for for rental properties? I could probably come up with the downpayment for one property, but it would be a stretch and then I would have no money for repairs and updates to the house. Also, how much is the down payment that banks are looking for for a rental property?
Thanks in advance
Justin