First step for you is to study investing in income properties.Generally a rental property will have in the range of 4% -50% of rental income going toward expenses to maintain the investment before debt repayment (mortgage). 

Study the market.

Focus on tax-saving strategies such as cost segregation studies and bonus depreciation to accelerate deductions.By qualifying as a Real Estate Professional (spending 750+ hours annually and materially participating), you can offset your wife’s S-Corp income with real estate losses, reducing your tax liability.

@Joseph BinkowskiDon’t forget that you can now be qualified as an accredited investor by passing the series 65 exam without any income or net worth requirements.It will cost you around $200 to $300 and will be valid for 2 years (unless you can park your license with a financial advisor firm, then it will last as long as you maintain it).It is not a difficult exam and you should be able to pass it with around 40 hours of self study with a good prep book or website.

This isn't 2011-2013 days but many people are stuck in that time period STILL.As I finish my licensing study, I'm very grateful I chose this route as opposed to being a one trick pony.Wholesalers did themselves in by their method of operating.  

One who is active still and recently did a case study write up like this is Don Konipol, the other pops on every now and again and did a BP episode many years ago Aaron Mazzrillo so search those two names and read some threads.A more likely scenario is not what you mentioned as the ever growing note/value deal, at least not as outlined.

But I recommend you study it much more extensively before diving in. 

Once you do get buy something, be sure to look at a cost segregation study for the property.  

Via a study I done comparing the Preforeclosure leads that PS provided with county records for over 167 counties across TX, CA and FL.

Additionally you can do a cost segregation study and get a lot of depreciation benefits to offset the rental income (and potentially other income).