Longhorn is also experienced enough (and looking out for the customer) to know that long-distance investors solely relying on a GC to stay on time and on budget can lead to problems.

He did recoupe what he invested luckily but I suddenly realized their system relies on the buy ins of both parties which means if you have to deal with shady contractors, thats just how its going to be.

Not to say you won't run your own numbers, but just saying wholesalers cannot be relied on.  

Or do you rely on the buyer in the area to assess the damage and modify the offer accordingly?

I believe the biggest obstacle you will face is the need to rely on a 3rd party builder for a 4 unit building.

The cost of living and doing business is generally lower, which can translate to better cash flow.

the main risk for those you mentioned is Reputation and I think investors especially heavy BP followers rely on reputation bias quite a bit.

Theory/paper won't always translate over well to actual practice. 

You should not be relying on an appraisal to determine what you can sell a flip for.You should be doing your own research and coming to a conclusion of what you believe it will sell for, how long that sale will take, what concessions are likely in that sale, and what type of marketing it will take to achieve that value.

The information contained in this post is not to be relied upon.