First wholetail deal or should we fix and flip?

[Victor Noriega]

We have a home under contract. We are buying it at $45k and had an appraisal done and it appraised at $63k. We contacted a local realtor and their CMA says the house could be listed at$87k with repairs done. The house needs carpet in the bed rooms, interior and exterior paint, and some landscaping. We estimate the repairs are between $5k to $7k. There is an estimated $40k mortgage that will be paid at closing. Seller will walk away with $5k. We keep going back and forth on whether or not do a wholetail or fix-n-flip. We don't live in the same city. We live in Round Rock and the deal is in El Paso. leaning toward selling as a wholetail deal since we are to far away to manage the flip. If we fix n flip, we could set everything up and get carpet, paint and landscaping done in two weeks or less. But then we would have to figure how to manage the flip remotely. We are experienced in closing deals remotely, as we buy and sell land. But We don't have experience with house flips. Either choice, we would still have to hire a realtor to market and sell the property. We appreciate any advice. Looks like we need to make sure we have insurance, transfer utilities. What am we not thinking about? I want mitigate any risks before we close the deal.