My first question has to do with rent as there are many descriptions of "long-standing tenants" who are potentially paying a lower rent than the market calls for.

High-level description is a 7-bdrm, 6 BA chalet, grade A view, will be newly rehabbed.

If you fit the description above or feel like we could help each other out then I'd love to get a coffee at some point.Cheers!

There are no clear ranges for a good or bad cap rate, and they largely depend on the context of the property and the market.Say, there are two properties that are similar in all attributes except for being geographically apart.

Have the legal description and address of the property with you before you talk to them.

I would like to think we are awesome wholesalers, and this is how we do it:Buyer's side:Submit a comprehensive list of interior pictures, exterior picturesSubmit pictures of all the things wrong, that needs fixing, or updating, with a description of what is wrongSubmit 2 to 3 properties you have comped to arrive at the numbers, and then make sure they know it is their responsibility to verifyCreate a clear, easy to absorb standardized cheat sheet that summarizes all the numbers, including cost of repairs, ARV, estimated profits condition of the houseCreate a list where you describe the age and condition of the furnace, boiler, water heater, oil tank and all other mechanicals.Describe heating source, gas, oil electrical.Make sure they know your rules, deposit, protocol for visiting the house etc.Let the seller know you are going to put a lockbox on the house and have this written and stipulated in the contract, to make it easier for buyers to visit (in case the house is vacant).Be careful not to do the unnecessary, like figuring out if there is a buried oil tank.

I'm an out of state investor and would appreciate knowledge and insight about areas that might fit this description. 

Kitchens, master baths, and curb appeal are often the best places to invest money into as they typically bring the highest returns.Based on your descriptions, I would definitely do a nice landscaping plan and remove the garbage, add some pretty, and get higher rents for it.

@Mike Bonadies, that is the best description of Woodstown that I have ever seen.  

However, for your scenario, you can take a guaranteed payment for the property management portion, then do equal distributions for whatever else is coming out.The guaranteed payment will be taxed as Self Employment Income and the rest of the distributions will maintain the nature of whatever income it was originated from (sounds like passive income based on your description)