I'm blessed by an incredibly supportive wife who desires to see me succeed in this aspiration.

You have to move beyond the professional website, photo shopped head shots, big name accounting firm, opinion letter from five name on letterhead law firm, to get at the PROPERTY and DEAL itself.

But if I'm not mistaken, that's usually managed by the landlord him/herself or delegated to family/friends to help with the management, where someone might live on premises or comes by to check up on the premises from time to time.I'm just wondering if there are property management firms that also handle dealing with this type of leasing strategy, managing your properties for you.

Also, what is the expected or desired profit from a wholesaler in this area?

Your best bet is leveraging the $200k to buy something decent and desirable.

I keep seeing posts on BP where people are putting in 10-15 k of their money and rest all from Hard Money Lenders or Private Equity firms.

I like real estate, but my main desire that keeps me in the industry is to achieve financial freedom to do the things that I'm very passionate about. 

Some areas that were previously the butt of many jokes are becoming desirable.

Long-term, buy & hold is a great strategy - I've always been a firm believer that you have the upper hand with these properties in the investment field because you have the advantage of being first in an area then being able to wait for appreciation for whenever you want to sell "when the time is right".Often times, these rental properties also don't involve the full scale upgrades (less money out-right) that you would need in a traditional fix-&-flip in order to hit projected ARV's.The one draw-back here is out-sourcing your rentals to a property management company - which finding the right one for the right price can take some time to vet - or else managing the property yourself, in which case you will need to start building relationships with contractors to ensure proper repairs are being done and the needs of your tenants are being met.You can do buy & holds out of state easily, too, just find the right market that is land-lord friendly (for example, mid-west: Indiana), and I think its fair to say you could do well long-term with the right properties!

Don't contract on a property that you're unable or have no desire to close on.