It can be a separate checking or savings but just make sure to have a "holding" account where only security deposits are held for your sanity.I won't speak to liability since I'm not a property manager, attorney, etc. 

A hole or two (check how many you need.) and some plastic pipe?

It is surprisingly easy to manage out of state and if you want more tips on how, check out Bigger Pockets book "30 Day Stay" on Mid Term Rentals. 

My client bought a 22 unit building and used this strategy and walked out of closing with a check for $800k to perform the rest of the renovations, paid himself back his already expended rehab costs and his entire down payment.  

Check out Tower Credit Union as one option for 100% loan to value. 

I would check on this website on the find an agent feature or search Zillow for teams/agents in your area doing 25 or more deals a year.  

One of them told me they only have to provide 15 days notice, which doesn’t help if I am on vacation for a few weeks or haven’t checked my PO Box in a few weeks.

The background check is supposed to identify the amount of risk, then you determine whether you can mitigate that risk or not.

Check with your lender and what they would require.Think of everything you can to make it win-win for the buyer. 

Quote from @Jay Hinrichs: Oregon finally passed legislation to reel in unlicensed wholesaling its in this months publication from the state RE agency.Highlights:Goes into effect  July 1 2025Requires:On line application to become a licensed wholesaler  ( RE agents exempt from this of course they already have licenses)Name of company and individuals who will be performing these services.Each one needs a full criminal background check and approval prior to receiving the license.300.00 annual fee for the license.Written Disclosures in Bold 10 point.These must be given to Buyer and Sellers prior to entering into a wholesale contract and signed for.Also RE brokers assisting wholesalers need to give these to potential buyers and sellers.