Keep that in mind as you search and be patient.

Be patient.

ihave some good money to fiddle with but iknow that just because ihave it doesn't mean ishould just take on such a project.would really like everyone's opinion and advice.location is Rochester, MN home of the mayo clinic.im thinking to rent out to either traveling nurses that come here to study at mayo or to rent it out to patients who come to visit the clinic.thanks in advance!

You will however have the satisfaction of knowing the advice came from a member of the Bar. 

I know the feeling of being ready and raring to go, but if you are patient, get your DTI where you need it, and save up some more money from your part time job, then you'll be in a great position 1 year from now.Meanwhile, I would use your wife's license to it's fullest potential.

Less risk for me and less risk for you, while still receiving the satisfaction of changing someone's life.

If it's on the MLS then, as JD said, it'll need to be a partnership or seller financing.I know it's hard to be patient and move out of "buy mode", which you were probably in for at least a few months.

Any predictions for 2022, should I remain patient and not invest when the market is high? 

I probably wouldn't suggest this for larger rehab budgets or something where you are likely to run into more issues (opening walls, floors, structural changes, etc).Overall though, I'd say be patient to see if you can to stack more cash reserves prior to your rehab.

But honestly the satisfaction of throwing up a middle finger to that guy on the internet would be worth it.