The previous owners are an older couple and he has been sick (chemotherapy) as of late so the wife is handling everything.

You are normally going to need 20% of the purchase price for a downpayment using conventional financing.It could be less if your seller is willing to do certain types of seller carry back financing or if you are set up as a general partnership and part of the money your partners are putting up goes to cover the down payment.You are going to need to have some money set aside to handle fixes and upgrades or for operational issues also set aside.How much time can I devote to running the community?

You found the right home then - as in BP.com.Great place to ask your questions, read up on strategies, listen to some of the best podcasts around, and learn as much as you can handle.

I pay the contractor or subcontractor based on jobs completed (typically in three draws), and I make sure the materials are chosen by me or by a designer (low cost) if high end.Once everything has been detailed, I send the contractor to home depot to pick up the materials as needed (home depot usually calls for my credit card when the contractor is checking out) and the billing for materials is handled through my home depot card. 

He handles 100% of acquisition..He talk to the client, he meets the client, he get contract signed and takes seller through the enitire closing process...I have never met a customer and never intend to...It works well..We have an open end about everything, every call get recorded, he only allowed to call clients from an app everytime he speaks to them so everyone can hear whats going on...We have an emal system where we keep track of every lead, the status etc....It very important to be open, especially if both of you know wholesaling very well.

Depending on your budget and your ability to answer/handle the phone calls, you may just send letters to all the list and then just wholesale the ones you don't like.

Once you have a go to person for each, any issues can now be handled swiftly. 

Maybe once I'm more comfortable with the process I will handle that aspect myself but for right now I'd rather watch and learn before getting in over my head.  

Any advice on how to handle this?

Any advice on how to handle this?