Right now with the rentals I currently have, I will be sorting out the cashflowing versus the non-performing and cleaning up in-house before pursuing my next venture.

It will be your best interest to read facts versus hearsay.

There are other non-QM loan options for self-employed individuals that can use your bank statements (biz) to show cash flow versus, tax returns for income.

Around what percentage annual net collections makes renting out worth it versus just selling and money market/interest. 

I'm wondering if I'd rather just wholesale this house versus get into the weeds with all the contractors, etc. 

I'd speak with your CPA to confirm whether or not your wife can qualify as a real estate professional because that makes a difference in being able to use your losses from the cost seg study now versus rolling them forward.https://www.aicpa.org/resource...

The way I see it, this business would take much less capital and risk versus a traditional Fix n' Flip.

You are going to get a better deal and cash flow is easier in that state versus NY or NJ. 

Would love to hear how it's been for you to enter the US market versus the harder entry in our Australian market. :)

It's up to the appraiser how much consideration to give to the Income Approach to value versus the Sales Comparison Approach commonly used for single family homes.