E.g. if you're buying $40-150K houses, out of state... your traveling costs alone would eat into any potential profits you will make. 

Both homes that I've purchases were on market deals, so I'm a bit hesitant to be the guy who calls someone up because I get those calls several times a day and I hate that using cold calls is the standard.I don't expect to be able to use the fact that I'm a local just trying to make my business work in the market it was designed for as a leverage point because it's not helping the potential sellers at all.

Hi Batool,I saw a post you started a while back about traveling costs.You want to keep travel of your travel costs as they will likely be considered deductible or potentially start-up costsSome travel costs includeFlight, Hotel, Car Rental, Meals, mileage rateBest of luck

For me, I'd try to find a market that you can find a move-in ready home with potential to appreciate and cashflow.

Wholesaling is even harder than flipping and potentially less lucrative.

Saw the potential to add value to this tired property without making a significant investment in time and money How did you find this deal and how did you negotiate it?

Black Swan- there are a lot of potential economic hits right now. 

The quote was $1400/year when I budgeted for $900-$950/year, which will definitely hurt my bottom line.

However, it might also incur additional accounting and tax complexities.Non-Real Assets:Holding Company: If the non-real assets are essential to the operation of the property, holding them in the same company as the property (either operating or holding) makes sense for financial reporting purposes.Separate Entity: If these non-real assets are more independent or potentially have different risk profiles, consider holding them in a separate entity owned by the holding company.

Just something else to potentially price in.The point is, there is one step to just "remediate" the existing wire, and a different step to bring it up to code...Good luck.