Although there are still challenges (as with most older towns) things have been steadily improving for many years now - most residents love the place and are excited about the many amenities & general direction of the area.I would love to find a local wholesaler or other sources of good deals - any suggestions on where to look? 

If you work a full time job you WILL NOT qualify.  

Sounds like you have lots of room to improve cash flows though.

There are many other investment options in addition to this.I would not recommend taking a loan out of your 401k to pay for the improvements.

However, it is also true that outside forces such as rates, jobs, etc impact the housing market at different times of the year.  

I do want to buy a rental property next year and possibly be in a place to quit my job in 3 years.

The wife and I are 34/33 years old and while we would love to leave our current jobs, we don't have to be rushing to much.Anyway, the house/numbers:The house is a 3 bed, 2 bath, move in ready property with updated bathrooms, and a fairly nice kitchen.  

I have a full time job and don't plan to quit anytime soon.

I'm interested in the idea of working in a real-estate related job while saving toward buying more investment properties.

However he is there wrapping up his jobs & my jobs so we won't be ready to start flipping for about 60-75 days.These are my goals / long term / short term situation.