Now that you have exhausted your Low Down Payment Options (Portfolio-Conventional and FHA) you will need to use a Standard Conventional Loan and put 20% down to get your 3rd Duplex.The sky is the limit...you could continue to buy properties and build an empire or just stop there and enjoy more free time...I have friend who quit his job and just manages his properties now.Be alert, if you time it right you might be able to get down payment assistance/grants (I got $5,000 from a local program and used it to buy my interest rate down to 3.125% which is way below typical market rates for a Duplex).

Buy it below its fixed up value, and you've got appreciation after it is repaired.

Make sure you get an option fee out of it, and just at or below market rent since it needs some repairs.  

Part of Tom's Email below.  

Hi BPs, I'm getting an MF with a tenant in a space that's clearly moldy (black spots on wall, and confirmed a nice mold cake in the crawlspace below). 

It seems like the majority of lenders I come across will not go below 20% which tough as this means I would have to put $30k down and I did not want to tie up too much of my liquid assets in one property.  

The purchase price couldn't be lower than the appraised amount.

The Agenda: Q & A, Landlording and Fire Safety, Networking, Marketing – Please see details below. 

I just got a response from the Tax assessor reflecting what you both said: you can read it below."

If their score drops below a certain number then they must obtain credit Counciling (either through me or a service)I want them to win and really don't want the house back.