You might want to rethink that rationale...if anything, new candidates (those without relationships to lobbyists, etc) are at an extreme disadvantage...

j/k. i know that there is NO way for us to get a "cash reserves" until both our kids are in full time school (3-5 yrs) AND it takes time to build those reserves. i am not saying its not better to have it but to wait is also putting as at a disadvantage considering we HOPE to move out of country in 5 yrs (but its a 98% certainty that we will be here for at LEAST 2 yrs)our fico scores aren't great. dh is lower 600's and i am upper 600's (since i don't have income and he does). i do hope that i can learn more about REI as is a passion of mine. plus theres no way to get ahead working for someone else!

If you practice patience when a steal comes along, it's going to get stolen out from under you.I do agree with #2, short term investments are very tax-disadvantaged.

What are the advantages/disadvantages of either strategies?

So the primary disadvantage of trying to work and wholesale at the same time is that I can't man my phone at all hours of the day.

Some areas have advantages and disadvantages that others don't. 

However the disadvantage is that, if you're in Boston, then you have a bit of higher risk from owning remotely.If you can afford the down payment for a property in Boston then I'd say continue to look in both areas and base your decision on the best return, also considering other factors also such as tenant quality and area.

and 2) what are the advantages and disadvantages of doing so?

There is one disadvantage to syndications that no one has mentioned here: You lose the thrill of the chase. 

The disadvantage is that it is more hassle that way.Here's the math.