I am a GC so I have some control on the rehab budget if that makes a difference in the calculation. 

It’s great that you’re considering the U.S. market, especially with your wife’s ties to Ohio.With a budget of $150-200k, you have some solid options, especially in the Midwest where property prices can be more favorable compared to coastal markets.

4- of course we'd want to verify it's permitted use per zoning5- Capex will need to be budgeted for a reserve account for tax purposes6- need to get the stage 1 and 2. 7- by subcontractor issues do you mean a mechanics lean on the property?

It depends on how much cash you have and your budget, but house hacking is definitely going to be your best option.

Personally with a $425k budget I would be looking to invest in a pool home in Largo area or I would be buying a bungalow in the Ybor/Seminole Heights area of Tampa.

some good examples here already but would add minimum loan size / property value I see a lot, unfortunately have to turn away a lot of people (esp. those just starting out) because their budget is too low and the property doesn't have enough value juice to make it worth it as a lender (plus more risky)

Are you factoring in soft expenses such as vacancy and cap ex which do not happen on a consistent basis but for which you may be budgeting.

However, also don't forget to budget for turnover costs and capex reserves too, which many people ignore. 

This extra scope of work make it over budget and start eating profits.

We can talk about this at the meetup on WED, but you are positioned well with what you have so don't rush it.