This is very weird to me since other lenders will work with buyers from  any state.

@Mel Volland The lender would not really be privy to or a part of the seller-financed second position.

To find places with high rental demand, good economic circumstances, and room to develop, conduct in-depth market research.Examine your alternatives for financing, including conventional mortgages, private lenders, FHA, VA, and partnership loans.

That way, he doesn't lose his reviews + can keep future bookings. 

@Joshua B Williams just my .02 but might want to consider the lender situation as well.

Will you have enough equity in a couple of years if rates go down in order to meet the LTV requirements of the new lender?

So, essentially through the lender I had lined up, they would cover literally 100% of the costs of EVERYTHING, but it was a cheap house with low renovation costs, so the interest payments were not going to be any larger than a typical mortgage payment around here.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

@Bryce Henson my understanding after dealing with reverse mortgages is that the reason it’s listed too high is likely there are rules in place for selling them, there’s a determination of list price from the lender,must be listed at that level for a certain time, then they’ll re-analyze and potentially drop it if it doesn’t sell in that time frame.

Thanks-Al Lender will generally county 75% of the rent to offset the mortgage.