I do not have to do anything right now, I just need to learn, wait for the right opportunities, or create them - for example by trying to use subject to and take over someone else's payments who locked in a lower interest rate from a few years ago. 

Once you're ready, create a goal (e.g., "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it.

I'd think about creating a very specific buy box and show why agents would be interested in working with you.

Your wife as conservator/guardian has an obligation to her mother and selling the property to herself creates a conflict of interest in that she stands to benefit as the buyer and is also making decisions for someone else as the seller.2.

@Eric Jones created the spreadsheet seemingly the way you directed.  

BP has a book on Partnerships written by Ashley Kehr and Tony Robinson.On the technical side I would suggest partnering on a single flip which can be done with a simple JV agreement before jumping into creating an entity and crafting very good operating agreements.

There are several hurdles during the process:Find the deal - Unless you are marketing or plugged into a community where there are opportunities, it isn't always easy to find the right dealsEvaluate the deal - Without professional guidance and research tools, it is difficult for a newbie investor to evaluate and ARV/FMV or create an adequate rehab budgetSecondary exit strategies - If things don't go as planned are their other opportunities to exit profitably.

They can help you organize your finances and create a sound investment plan.Key Questions to Answer: What are your long-term financial goals?

If the HELOC is from an existing rental property (A) but funds are used for rentals (B and C), the interest must be allocated to B and C, not A.This post does not create a CPA-Client relationship.

When we create our business plan, we also include our exit plan.We'll only proceed if we can clean this up, acquire new tenants at higher rents so we can increase our NOI, which in turn should reflect our cap rate and profits.Since this asset class is new to us we will tread cautiously.Scheduled to preview tomorrow.