Plus you won't need to provide tax returns or paystubs, lenders will look at the return on investment of the property itself.

You can deduct taxes on the interest that you have paid on your mortgage in Mexico.Cons: 1.

What if one of you loses their job and can't pay their part of mortgage, taxes & insurance?

If you're thinking about out of state investing Reno, NV area is a great market and close to CA and all the tax benefits, landlord friendly, and low property taxes.

Bare minimum for me is $20,000 after a flip (before IRS taxes). 

Are you prepared for vacancy loss, taxes and insurance to go up next year, etc? 

I grew up in CA and decided to move and invest in Reno, NV because of it's proximity to CA and Lake Tahoe, job growth/population growth market dynamics, taxes do not reassess on the sale, no state income tax, much more landlord friendly, etc. 

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

I've found luck using actual tax returns as my income instead of talking about rents or how I rent it out.

Insurance and Taxes - This will go along with budget and timeline but is important to note that you're going to pay this for the time you hold.