Since agency loans don't allow you to put the loan in an LLC, ask your wife this. 

Maintenance/cap ex, insurance, if a rental PM, bookkeeping, misc.The fact you have a loan means 1) leverage 2) equity pay down.In addition, there are tax benefits.So I will do some rough underwriting as an OO non-rental at 95% LTV (because FHA has some undesired consequences that make the 1.5% difference in LTV worth avoiding the FHA).equity paydown: 20% (using OP interest rate at 95% LTV and not counting closing costs). 

This is why I use a loan broker...I want his experience with who can do what they say and who is a delay. 

@Hank Bank BRRRR is probably want you want to do.Buy, Renovate, Rent, Refi, Repeat.Before you go all in and either find out you don't like being a landlord or you make costly mistakes, start with just the next one.You'll have some challenges with tapping the equity in the townhouse:1) What loan amount can you qualify with your credit & income?

Unlike a mortgage the interest on your loan will not be tax deductible.

Any good resources for learning about hard money loans?

Quote from @Jaikevis Reams: In order to put a property under contract I need to provide proof of funds I know that I can get that from a hard money lender but I don’t meet there criteria for a loan approval what should I do? 

FHA loans require living in the home as your primary residence for 1 year after purchase.

@Kwanza P.Leveraged means using a loan (leverage) to buy the asset. 

I did all of my loans with small local banks in my area and was always happy with the rates and service.