Down payment strategies...limited cash, please help/share
I'm looking to purchase a new primary residence in Scottsdale, AZ that would double as a Short Term Vacation Rental when I travel for work but I have VERY limited cash for a down payment. I currently own one STVR that has about 40% equity and has been very successful in the past but obviously completly vacant during the Covid-19 situation. I also have my primary residence that would convert to a long term rental. I don't want to sell anything as I have a buy and hold strategy. I want to keep adding properties to my portfolio but didn't do a good job stock piling cash to prepare for down payments.
I need about $60k as a down payment and am not sure where to begin. I was thinking about a Refi to pull some of the 40% of equity out but that probably wouldn't look good to my lender when I go to get financing. Any tricks out there or do I let this property go until I have the cash saved up?