Happy to help out Cosmo, I can tell you a bit more about the area.

Most lenders won't require an application fee and should be able to clearly lay out their financing costs, cash to close, and projected profitability for you.I hope this helps.

My mother-in-law wants to help my husband and I on our first real estate investment purchase. 

The purchase to cash flow ratio is much higher than majority of the states in the US but again not the only states.If you need any help or want to talk more REI feel free to reach out I have done a ton of business in both states and can walk you through pretty much anything.

I think that helps cover the possible fluctuations. 

Thanks for any help anyone is willing to give!

LOL.Here raises great point--here are some considerations1) Figuring out how to advertise on Zillow - mentor can help; take 20 to 30 well lit pics with no more than 1 thing on any surface!

I have been a realtor for +8 years helping out-of-state investors buy and sell here successfully too.

Don asks me to help him with financing, and I reluctantly agree.

Any insights would be incredibly helpful!