What is the most effective strategy; Is it best to send the same letter over and over until they respond, same letter different format, different letter?

Or get a bulk-messenging service if you wanted to get even cheaper (even though its not as effective as cold call). 

The potential for an upcoming recession is very real and may effect property values, but again, it is too soon to know how long lasting any recession will truly be and what the overall fallout is for your area. 

Instead of just 'winging it', I'd like to have an effective script to use with these potential sellers. 

It's not that I'm opposed to the long distance reno, though I just figured it would take loads of contractors to do so and at some point it just doesn't become cost effective. 

If I understand correctly and she has been reimbursed after purchase then the split would be based on the ownership split of 60/40.The cleanest way, but maybe least cost effective, would be to sell all the tools and when done, money is easy to split down to the penny.

I seriously don’t think cold calling a list for wholesaling is effective enough for it to be worth it.

You better have a good understanding of what the effect of the docs are. 

I don't think I should count the missed principal payments as cash flow because that is in effect reducing my equity in my property, but what about the interest I would not be paying for those two months?

First, you sure have thought out some options...and finding the most cost effective solution is always best.