I'm not a fan of package deals because people are usually trying to add a junker in there.Second, seller financing might actually be your only option in this case.

A motivated seller will usually take less money with your offer.  

@Wayne Freeman REO's are a good way to make money wholesaling, but they do usually require more earnest money(typically $1,000), and you have to know where to find them.

If you are using hard money you need to budget for the points and fees as well as traditional third party closing fees.Repairs: The money it is going to take you to rehab the property plus an extra 10% of estimated repair costs to account for unexpected repairs.Holdings Costs: Here is where a lot of investors get tripped up.

As an aside, Out of state renters are usually much less serious than they seem.

Usually that means that the borrower has started missing payments.

Usually problem tenants don't want to live with their landlord.  

I started pouring my extra money into the stock market during 2010 up to today.

I'd go to your county courthouse, there is usually a desk there for free legal advice with an attorney, or they can hook you up with a low cost attorney.

Usually If the roof is leaking they'll just tarp it to protect it, and most won't even do that without constant pressure from the listing agent.