How do I go about getting a house undercontract for a wholesale deal when one of the owners lives out of state? 

Some owners prefer this method of funding projects. 

Can I just take the owners word for it?

As long as it's not my deal or one I'm more than 50% owner then that should be okay, right?

The more doors the better per unit and if you live in one unit you can qualify for owner occupied financing.

. :)My suggestion is that you wholesale a few deals first, build a cash reserve and then you can get into fix and flip using owner financing or private money.

don't forget to account for vacancy rates, insurance and maintenance that you'll be responsiible for as owner.

10% down if Owner Occupied / SBA 7a. 25% down for multi family / commercial investor / warehouse etc.  

Its a Triplex with an unfinished bonus room with possibility of making a studio rental.Current Income: $2755Mortgage Expense: $2600Current mortgages total $349K  (1st+2nd)Owner is open to creative financing.  

Below I have compared 2 examples of selling traditionally with a Realtor at 6% commisions (which it may be less as it is negotiable) vs selling with opendoor or similar service.Comparing Opendoor to a Traditional Sale with a Realtor$400,000 Home via OpendoorHome Value: $400,000Sales Price: $375,000Charge 12%: $45,000Commissions 7%: $26,250Total Costs via Opendoor: $71,250Net Proceeds to Owner: $303,750$400,000 Home via a RealtorHome Value: $400,000Sales Price: $400,000Traditional Closing Costs 3%: $12,000Commissions 6%: $24,000Total Costs via a Realtor: $36,000Net Proceeds to Owner: $364,000In this Example Selling with a Realtor will save you $60,250!!!