We are negotiating the best options for both parties here.

Your geographical location will not be a driving factor if you can source local third party management.

You should hire a third party person that is approved by the seller like your title company or an attorney or any individual you both can trust. 

It's a very common way to get started in BRRRR, but the tricky part is you have to live there for a year. 

The part I hated the most about it was that it becomes a 24/7 on call second job in customer service when the toilet paper runs out, they don't read the instructions to use the front door keypad, the house isn't what they thought it was going to be, etc. 

She communicates with all parties when I am unable to be reached.Biggest piece of advice.

I have currently been looking over several purchase and sale agreements used for wholesale deals, and I wanted to ask if anyone knows if the seller holds the funds for the earnest money deposit; for the property under contract, or is it given to a third party until the deal is closed? 

If for instance the PM or realtor made an unintentional mistake/was negligent/etc, then you'll want to be able to have a third person on your side who could potentially alert all parties to the situation.

Be very careful that you have the correct address/contact info for recipient - if you send money via Zelle to the wrong party, there is no recourse - you may not get it back. 

Perhaps a nice 1950's built bungalow.Always hire a 3rd party property inspector to give you an unbiased feel for the home.