IMHO, you would need to pay considerably less for this property to make it profitable. 

I wanted to do wholeselling before jumping into flipping so I can get the field experience but now that you say that I will take that into consideration if I find myself in that situation. 

You will be looking at recognizing the increase now as opposed to later.

In most investing scenarios, even outside of real estate, as the risk increases, so should your return.

This allows me to do a 1031 exchange and get into newer properties with better tax advantages (once I have used up most of the depreciation from the previous rental), and it allows me to never deal with deferred maintenance issues that increase my cost of ownership.

Never mind the fact that there are a whole lot of people looking to buy a property (increasing by the day) to live in themselves.From what I have seen, most MLS listed duplex properties in Denver (and most other properties, too) are at a purchase price that would put you so far away from the 1% goal - it would be impossible to cash flow them now or in the near future. (1% being the rough guide for considering a property, rent/month is 1% of the purchase price of the property).

Also, is there any thing I should know about purchasing in a different state besides taking into consideration property management.Id appreciate some advice on this deal (my first one).

Beyond that, I am intrigued by the possibility of building a portfolio of small multifamily properties and generating cash flow to increase my flexibility and time with my two young sons.  

Any other considerations to keep in mind while doing wholesaling on active license.

So that's another consideration in this market.