We live in Ohio and both have prior real estate investing experience, but this is our first business venture working together, and would like to set up our LLC in Wyoming. 

As others have mentioned, I don't think this is a good idea since it appears that you are risking her retirement income on a venture where you have no experience in.Is her pre-tax income going to be $105,000 after retiring?

If $200K pre-tax is realistic while doing wholesaling then I would be fully content with it, and I would scale it (I use the word in literal sense, meaning: make my operations grow ever larger, not necessarily Warren Buffett large:-)) from there by investing extra capital and using financing leverages to grow into other ventures.

Obviously the answer I'm sure depends on a number of factors (affordability, reliability, etc.) Virtual Assistant would be less affordable but you would have a higher margin and JV partners would be possibly in many c...

This would allow you to get some cash out, make the final repairs, and then do the final cash out refinance to prepare for your next one.Good luck!

If you have the cash and want to venture into buying a separate rental from your primary, I would do that over wholesaling personally. ~ Lindsey

True, it is way cheaper than having it professionally done, but just be prepared for the whole process to go at a snail's pace.Wes

I've prepared for this mentally but it still doesn't prepare you for the reality of losing the money.

Any other advice on how to prepare for the inspection is welcome.

You will be be responsible for the transfer taxes equal to the assessed value, plus deed preparation fees and if there is already a loan, that adds another layer of complexity.