Minimum loan amount is $250k.

Quote from @Diana Teng: Hi all,I think my question above is pretty direct.I'm interested to buy my first rental property, and after doing a brief search I see that there are quite a number of places out-of-state (I live in NY state)  that offer affordable homes that deem to be in hot market areas right now (according to many different articles online). 

If you've got to ask a question on an online forum about managing an out of state or out of country renovation, you aren't ready to do this on your own.

Stop reading if you want.2) I couldn’t guess what “There is a 6 months of grace period before interest payment begins” means.3) They call their $3555 charge a “Loan Fee,” stated a few lines up as 2%. 2% of $235,000 (loan amount) is $4470.4) Do you seriously believe the loan fee, “… IS 100% REFUNDABLE IF THERE IS ANY DEFAULT FROM THEPART OF THE LENDER OR IF THE BORROWER CHOOSES TO TERMINATE THE LOAN.”5) It’s okay to pay an appraiser directly.

I'm a licensed mortgage broker and have closed loans with clients out of the country.

Are you currently working on lining up funding or looking at potential properties yet? 

I doubt he'll be able to quality for a loan (VA) with just his income. 

It’s online only but purpose built for business owners and they have automation for those applying the Profit First cash management system.

If you create or fund an IUL instead of paying cash you can then get a loan on the IUL.

Unlike a mortgage the interest on your loan will not be tax deductible.