Learn how to estimate costs yourself, at least to a point where you're comfortable closing or pay someone.

After further discussion, my husband and I both agree that we are not comfortable signing our personal names to the property.

I wasn't comfortable doing it alone.

@Colin Simpson Doing a live-in flip was not something I was comfortable with because I can do basic things like painting, connecting some PVC pipes, etc. but not any real contractor work.  

If you would like to know more about me and determine if I am able to provide you with the comfort level you need to move forward you can visit my website at charlesweberconsulting.com.

Should I sit at the sidelines for a few extra months before I have enough extra money to feel comfortable jumping in? 

For that price point, just make sure it is a place you feel comfortable with.

I know many have been successful investing out of their local area but I personally just can't find a comfort level with this...I'm too much of a control freak! 

You may find you have an "unfair advantage" which you find an interest in utilizing such as a friend or relative with some sort of interest or connection in real estate or you might find a desire to do something way outside of your comfort zone.

Obiously it would depend on the sellers comfort, but from your experience what would you suggest?