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Second home financing can secured for 10% down. I think you could Airbnb it out to cover some costs, and it wouldn't be mortgage fraud as long as you use it yourself at least 10% of the time.

So one idea would be to put down $40k on a $400k property and hold at least $40k in cash as reserves just in case.

If you're open to Europe, some affordable cities with beaches include Valencia or Malaga in Spain, and Antalya in Turkey.