I'm not a lawyer and this isn't legal advice but I wholesale in 7 different markets and my LLC is just in one state and I haven't had any issues. 

If you do this correctly you should be able to build between 30-80K in equity and have at least $200/mo cashflow when rented to set aside for vacancies rehab, repeat every year until you get 10.

Coming from an area where rents are much lower (a 2-bed, 1-bath, 1,500 sqft rental averages $1,270/month), I was shocked by the high rental prices in Danbury.

I would say if those are the true numbers, the place would have sold instantly already.Purchase of $179k and rehab of $150k to get a value of $735k is almost unheard of.Main red flag is that something else major is wrong with the property.  

I think that the investor should make clear to the home buyer that they forfeit their option money if they don’t perform.  

@Mark Towey I don't "farm" areas personally, it doesn't really fit the niche I'm personally going after, but what I have heard from some major agents in my market lately is that farming is not near as productive as it used to. 

As an investor in the USA market I know from personal experience, that even with the distance issue, it is a better market than the one where I live.Hope this helps with your thought process.

That’s how I got started—with little to no money out of pocket.

I ran my calculator to get a quick "what if" on a 30yr picture.

That might be an option.