But them got hit with huge cap ex and made me rethink things.

Seems like a lot are going out of state chasing cap rates.

Many new home builders would sell you on vacancy rates of ~40 week rentals, which I find difficult to replicate.

We’d both purchase through our LLC 50% each.Thinking use a joint account between us to collect rents and hold funds for repairs and cap ex funds etcAny thoughts on how to structure?

I find it to be fairly easy to manage out of state, the only real difficult part is tenant turnover.

That's when it becomes difficult.

The owners who bought at 130-150k will surely find it difficult to turn down double of sales price. 

CAP X is a.....

What is the Market Cap Rate for that area?  

@Ann Bellamy  I understand the allure and hype that wholesaling has.. but as you state I don't think people realize how very difficult it is in reality.. but like all things real estate 1 to 5% will do fine the rest come and go..