So if you as a wholesaler pitched me this deal, and I saw 2 units together that have better CAP rates than I felt I could get vs buying 2 Condos/townhomes that are similar in style and quality I would be interested.

Building type - flat roof vs pitched roof, vinyl siding vs brick, sub grade units vs above gradeLocated in a flood zone or other environmental issuesOh, there is so much more...

Price is around $45,000-$55,000 depending on the style, and they even have a rental program where they’ll search for renters and they keep half the price, which might be good for me since I’m an hour and a half away and would save me a lot of time.

You don't necessarily want to stand on the dry bank and then try & divert the stream to you.But as far as effort & startup costs, renting out dirt, portable containers, and then building permanent units is going to be progressively more expensive, so estimate the potential revenue with each of those options to find out if the juice is worth the squeeze.And of course as @Rachel H. said above there's more than just the financials - you're going to have to get P&Z on board, hearings if you're changing land use, possibly environmental testing, geotech surveys, etc.Best of luck to you!

Or like a “duplex style” - just converting an existing house into two.

Property = good basis, great upside on the spacious townhouse style with under market rents@Grant Rothenburger - over 100 unit renovations (kitchen, flooring, bathroom updating), roofs, tree removal, landscaping, water direction with new flumes, redo main water service from galvanized to PVC, cameras, lighting 

If you know your personal investment style and goals, you can find an option that works for you.

@Sandra Kennedy  Fannie home style renovation on a 3-4 unit owner occupied requires 25% down. 

More likely for a townhome style condo.

My version of this idea would be a twist between RV park and airBnb style camping.