I chose to buy it from the turnkey catalog because it has a high cap rate & was under $70k purchase price, has stable rents in a B/C+ area, and in a quiet isolated plot of land on top of a hill.

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. 

If these are in mint condition... the electrical will no longer meet code, and I recommend re-wiring.The plumbing is a toss up, sometimes we scope lines and they are clean as a whistle; sometimes we scope lines and a 4" pipe has an effective inner diameter of 1/4"... just depends. 

Prices could also plummet in a few months when many are still not back at work and we have more fully realized the full effect this event has had on our nation's GDP.