low/no down payment on income property?

[Mike Knoblock]

Hello, new here; I though I would pose a question to the group.  

We would like to buy a home out of state for investment purposes. It's appraising for ~250K, and with about 100K of repairs would be worth over 500K.  We can purchase for around $125K.  Question is, can you get a mortgage loan on a property that appraises for twice the purchase price with no down payment? I know it's complicated by being out-of-state buyers, and we would not be using it as a residence.  

The larger question is, as we continue to invest in income/rental property, do you at some point depart from the traditional mortgage loan, since we want to leverage our cash as much as possible, and so far we've been riding on my income and savings, both of which are high at the moment. But I would like to retire soon, and I wonder how the picture changes.

Thanks for any input!