@Erin Schenk I am an investor and real estate agent in Bakersfield and have considered out of state as well, but for me, I prefer Bakersfield becuase I manage my properties myself which increases my cash flow and cuts down on vacancies and repair costs. 

By large, i mean a diameter of almost 5' at the base.when I purchased the house this was one of the first things that i looked to repair. 

Now I’m not worried because o have automated online systems for rent collection, contractors and licensed repair professionals on speed dial, and I have some boots on the ground in the form of family who can lend their knowledge and keep an eye out for me.My first thought to this question is : if I’m worried that it may be too far ,then for me it may be too far.I could never do a flip that far away, IMO.

When you purchase a buy and hold property do you believe in making only necessary repairs or do you go in and gut the place even if it doesn’t help your ROI?     

Are you calculating for mortgage, taxes, insurance, repairs, vacancy, property management?

Purchase price, repair budget, and after repair value? 

The inspection takes forever to schedule and forever for the inspector to come out, however section 8 will back pay from when you schedule the inspection so I would schedule it ASAP and then get all of the repairs done.

I am still interested in the property but given the scope of the repair, I'd like to get a couple of estimates from contractors first so I can factor them into my bid. 

I know it would vary from house to house, but does anyone have thoughts about any general formulas for estimating repairs.

Just ask, and if you have to, check with the closing attorney.Don't rely on their ARV, market rent or repair estimates - Smart wholesalers are in it for the long haul and understand that their success is tied to yours.