You'll have to learn a new market, build a new support team and pay someone to manage all of that because it is so far away.

Even if you're still paying for some of the expenses out of pocket, you've most likely drastically reduced your cost of living by eliminating most of if not all of your mortgage, property taxes, and/or insurance.

Both working okay/fine paying jobs, both worked through school so no student debt, driving old cars so no car payments

you could pull a HELOC for the down payment and use the cash flow to pay the HELOC

I do think that a wholesaler that will do well has to have a feel for both numbers otherwise they are wasting everyone's time tying up the property.Not sure where you are in terms of getting into the game but while paying a contractor to look at a property is an option, unless you have it locked up it will cost you for him / her to come by and "teach" you what they see and the costs. 

Some cons: no equity when you purchase, some times you will pay more than the property is worth, long waiting list, low inventory, and  lower cash flow.I tend to lean towards advising investors not to go the turnkey route but if you have access to a lot of capital and have very little time then turnkey is going to be your best option.

To get this, I’m paying them about 10% over asking price in total purchase consideration, but the terms and monthly payments are so favorable that it really doesn’t make much of a difference.Although I’ve read extensively about these deals, this would be my first and my big question is around the taxable basis of the property.

That might give you some experience running a house, hearing what people are willing to pay for rent, management issues and all the other things involved. 

Tenants can also pay with a credit card if they are short on funds!

And the short answer is no…AS LONG AS YOU ARE PAYING ON TIME.