Of course, over time inflation and rent increases make the investment more valuable and the property will produce a positive return that gets better every year.I also think anyone (like myself) will tell you that gimmicks like no money down and interest only as well as owner financed deals are all meant to favor the bank.  

My understanding is that due to the market going up, it has become harder to find properties that are producing a favorable ROI.

I am assuming you are not licenced in VA.And you said that your friend wanted you to help find tenant buyer for your friends property.If you want to be legal and help your friend, do this way.One, act as a principal in a transaction and get a letter of intent from your friend that says that you have act as principal in a transaction, your friend understands that there is risk in the transaction, and you will sell your interests in a lease with an option agreement to a buyer.If you don't act as a principal in transaction, and do a favor for someone, your acting as a licensed agent, and it's illegal.

Essentially I believe you will want to have an assignable contract with the current owners and a very favorable exit clause.

I'm in favor of self management, but one person cannot manage 85 properties without working 80-100 hours a week.2) be doing one or more evictions at all times.3) be dealing with at least one psycho tenant that is wrecking the place at all times.4) be replacing a roof at all times.

In this case a bad appraisal may work in your favor. 

Never been in this situation before, but I have a wholesale deal that is owned outright...is there a best approach to making this work out as favorably as possible?

I am wondering how these 2 favor for new & seasoned investors.

When prospective tenants have put together a package in advance to put their best foot forward, it has given me a favorable impression.I like receiving a completed application with good handwriting and all blanks filled in.  

Even if you have some reason to favor those states over MA (Which I can't think of any reason for flipping, landlording is different) you can find lots of viable NH places much closer than Manchester.