We are currently working on our 3rd fixer upper. 

Whoever named you knows how to pick a name ;)With your background you have a huge leg up compared to 99% of people on the forum really knowing how the inner workings of property management work (and how that can influence your investment decision and returns).

Generally when you are wholesaling you are selling a fixer upper to some one who will rehab and flip.

My realtor advised me, many times, not to look at fixer-uppers because she knew the FHA folks in the area wouldn't pass the house based on the amount of work they needed.

Remember, you've got the upper hand.

I would also make sure your property insurance isn't going to cost you an arm and a leg.  

I was thinking about a possible fixer upper if I qualify for the FHA 203k loan.

Not all designers and architects charge an arm and a leg for their services, so I know that if you look around, you'll find someone you can work with.

I am willing to do cosmetic work but I don't want any major fixer upper since I am out of state.

I think I can get a leg up of the median rentals with a better kitchen for a large family.