I think a lot of people living in expensive markets on the west coast invest in OOS not by choice, but by necessity and that could be dangerous. the biggest problem I see with out of state is lack of control of the situation if the issues ever come up.

It is their choice to keep the existing leases, written or verbal, and the only thing you can change is the rent.

And also you pick the right choice to start in wholesaling as new in real state business.Here in biggerpockets community you can get more knowledge and strategies to be successful in real estate business.Best Luck for you.

what do you need to make the choice, the current choice as well as the long-term/next or future choice?

If you do things wrong you can lose a lot of money.Your choice is a personal choice which will depend upon your attitude towards risk and your financial ability to handle any surprises.

Popular vacation spot for folks in Denver during the summer (Lake McCanaughy). 

GOOD FOR YOU - - you have made choices for specific reasons and in my book, REI is all about NOI.

Wise choice.

In terms of your question about entity choice, I think you are asking whether you should form an LLC or a traditional corporation.

If it was breaking even or flowing even a little bit, hanging on until it passes to you would be the easiest choice.