The husband is a DIY type guy who does all the work himself and as a result, leaves units vacant for substantial periods of time.

Instead I've saved up that money I would've put into my own home and am venturing out to invest in Memphis, looking to BRRRR.

Good luck in your venture! 

The two of you are not in a solid position in your career field yet but want to go into a business venture that requires major capital without a co-signer.

I would venture to guess that the criteria from investor to investor varies, so what is it exactly that you look for when evaluating a potential long distance deal? 

Never go into any business venture, specifically an investment, knowing you'll lose money.You're so wrapped up in getting your first property, that you've lost sight of the reason to invest.The goal isn't to collect properties...it's to collect money...more than you started. 

Joint venture offer - which is what you described above but instead of having an appraisal as the basis of the price, give the seller 50% of the profits on top of the cash offer.For example, say the house is worth $300K with repairs of $50K.Use the 70% rule for quick math.1) Cash offer - $160K2) JV offer - assume profit is 20% or about $60K, offer then is $190KThe way I would structure the JV is:the seller deeds you 50% interest in the property (so you become TIC - tenants in common) so you are more in control and you should rehab and put money in a property only if you own it or own a part of itThere is a separate JV agreement that stipulates you will rehab, market and sell the property and give the seller 50% of the profit on top of $160K quick sale priceHope this helps.

How good are you with your DIY skills? 

If I were to venture a guess, either you have a pump problem, or a contamination/ filtration problem. 

From there you'll attract the buyers who you can wholesale the deal to or perhaps you might even find some folks with whom you could negotiate some type of partnership or joint venture the deal.