So I dont think I can say No here, or can I since we are married in a community property state?

If so, then you let them apply.

Most will not do 100% loan-to-value so plan on something less than that for the loan amount.2.

How has your process been going so far?

I don't know the Peabody market well (my property management business is focused Boston-Weymouth-Westwood area) so I can't speak to what the after-renovation property finishes should be.

So end of day you are in it for say $305k.

You've shared so many gems and described a realistic depiction of purchasing an investment property. 

The time has come for me to start investing in real estate and before doing so i'm looking to build a strong and dedicated team of partners: agents, lenders, contractors and property managers mainly in the Cleveland area (but also open to markets within a 2-3 hr drive away) that already possess an excellent track record in their line of work and that value long term collaboration.

If so, is there any red flags such as rental restrictions, limitations, etc.

So in the words of Clint Eastwood: "A man has to know his own limitations."