This being said, I don't believe we'll be able to meet the income requirements to qualify for a conventional.This leads me to believe hard money or private lender is more the only option to get my foot in the door, use my business to make repairs at very good rates, build some equity then refi once the balloon is due. 

Your best bet is to go to real estate networking events near those areas and talk to those who have invested in those areas.Best of luck!

My mark up is always lower than the direct lender because I don't spend money advertising during the Super Bowl or buying a private jet for my CEO, and we don't have layers of management we need to pay.

The english version: https://www.imovirtual.com/en/# .You have private and agent postings.Regards, Rui

It isn't impossible but as @Jimmy Lieu mentioned, there is a steep learning curve.Depending on your liquidity, out-of-state buy & hold rentals could be your best bet if NYC investing is out of the picture.

Most out of state investors are better off just acting as private lenders, buying low cost index funds or keeping their money in HYSAs.

I would talk to a number of residential, private, and commercial lenders.

I still have that house and it rents for a grand these days. my first house was late 70s that I bought  in those days it was 80 10 and 10  you need 10% cash and normally a private HML would give you the 10% second and bank was the first.. interest on the first was 9% second was 15%.. this was before the Carter interest rate run up.. paid 80k for it in Milpitas CA.. and it was brand new bought it from Shapel . 

I have been in many properties where private pay people rented and trashed the place. 

Private lenders or even creating a small syndicate with a group of investors might also be worth exploring, especially since you can point to your uncle’s track record and your own experience managing rentals as a selling point.If timing is tight, you could look into a bridge loan to secure the property while figuring out a more permanent solution.