Making sure we can manage our own properties in these areas.  

He get's principal and simple interest payments over a number of years.I'll manage the deal and the property.Looking to create a proforma for this that would fit a typical rental analysis but insert the detail of having private money cover the DP.

Your property management company can help once you own the property but up until then you need someone good on your side!!! 

I served as the buyer's agent and property manager for my clients under Blue Chariot Realty & Management.

I am glad you highlighted the management piece as this is a crucial part of buying in another market.Excited that you are stabilized and are generating cash flow on that deal. 

It is also worth noting that property management is often closer to 30% of gross rent for a short-term rental due to the much more intensive hands-on management compared to a typical 10% for long-term and as such, I agree with recommendations above that medium term rentals may provide the best of both worlds if you are able to tailor proximity to a local need, e.g. hospitals and travel nurses.Again, happy to relay my personal experiences in the area if you're interested.Best of luck,Patrick

Quote from @Doug Teasdale: Quote from @Dustin Tucker: Hello Doug,  Here is the Arizona Association of Realtors Forms page.https://www.aaronline.com/manage-risk/sample-forms/residenti...You will probably need to use the Residential Resale Contract.For the Buyer as an example use "Doug Teasdale and/or assigns"  This allows you to assign the contract to your wholesale buyer.

If something breaks, the management company fixes it. 

Even help with after you get your property with calls that help you manage the property manager!!

I manage around 400 rentals with 14 years of experience and have never been sued once.