My wife owns her own massage business so W-2's would be out but she can provided tax returns.

Analysis paralysis - don't doubt the numbers, have a strategy if the numbers fit the box pull the trigger - they either do or do not fit your strategy - don't over analyze, if you need to massage something its not your deal it doesn't work - 

Any reports you provide or property enhancements or repairs should come with a few instructions on how to make the most of it.  

Dog valet, dog walkers, massage therapists * purchase good condition fully stabilized assets, might still have room for improvement though* Stabilized assets are usually at or near retail so more worthwhile to hold vs sell immediately * Hold for 5 to 10 years.

Keeping the debt helps you take advantage of the leverage to enhance your return on equity invested in the homes.

In all reality, if what you've done from a tax perspective is sound and the economics are supportive, I think it should actually enhance your standing in lenders eye.

Question 2Assuming I decided not to use leverage on the equity of the property and continued to operate the rental and rehab with all cash - Is there a method to get the improved value of the property reappraised post rehab to enhance the depreciation opportunity?

I get a massage once a week and a chiropractor adjustment once a month. 

Currently, I have my sights set on beginning my real estate investing ventures in the rental, flipping type markets, but will undoubtedly expand my areas of interest as I continue to learn and enhance my knowledge of investing. 

Fulfilling needs makes deals happen, delivering wants are used to enhance the need delivering deals.