Most legit lenders are going to want to see that you have a couple (really more) under your belt.

Do you need all this for a couple of rentals?

If your satisfied with breaking even +/- a couple hundred dollars I think we can certainly find you something in this area but of course your cash flow numbers depend highly on your loan type, interest rate, and percent down. 

About 2 years ago I decided to become a licensed real estate agent in Michigan and have had a fairly successful first couple years doing that full/part time.  

.)- We file our taxes as joint / married- Her tax deduction benefits from qualifying as a real estate professional from the STR can offset my W2 income. - She can use REPSTRACKER for thisI then of course have a plethora of other questions in terms of book keeping (tracking all purchases etc...) but I will save those for another time unless someone has the best offline resources I can start to learn from? 

A matter of fact, I had one a decade ago, a full IRS field audit, and passed owing $0.Eventually I want to have a couple hundred properties, and more installment sales.

I'm in Memphis so I'd like my first couple to be local while I learn the ropes, but I'm down to buy anywhere.

A couple hours after I approved their application, another person that actually does qualify and has all funds available now applied.

I have had a couple of estimates to complete this work and it ranges anywhere from 40k to 75k.

If you are doing just buy & hold of rent ready properties without doing any value-add (rehabs), then consider the old adage that you "marry the property but date the rate" meaning you can refinance.