(Appx $120k) I am a GC and will be doing a lot of the work myself so the cost probably won't get that high but I want to be realistic and plan for any unforseen challenges. 

Need to save money for more rentals : ) Our challenge is going to be finding rentals.

Ideally, I'd like to get bids before I place an offer in order to have a good handle on the rehab costs and place my offer accordingly, but on the other side of the coin, I could potentially place offers on many different properties before having one accepted, all the while I'm getting bids from contractors for which the job for them doesn't materialize.Or, do I visit the properties myself and with my agent, make an very rough estimate of rehab costs, make an offer based on the estimate, and then bring contractors in for bids *after* getting the property under contract, then potentially renegotiate the offer price if the bids come in higher than estimated?

I always go to view the properties and meet with the property owner or person handling all paperwork and financial responsibilities on that particular property. 

How do you handle these situations, or how could I handle this better in real time - or in my conversation tomorrow?

None of the volunteers here can create a wholesaling business for you, you're going to have to take the initiative to build up a lot of knowledge on your own and then ask specific questions when you run into challenges. 

Do you have property management services that will handle these units?

@Jeremy Chaudet, i have a great agent i use to handle all of my rentals in Manayunk.  

How are you going to handle managing the property from New York? 

Now I am looking forward to getting into the "Uncomfortable Zone" and dreaming bigger.I love learning new things; especially if they challenge my intellect.