My ideas are all in my head now, as I have not contacted an architect yet or sought any financing.  

After that is completed, you will need building plans drawn up by an architect and submitted to your local building department for review and approval.

My architect likes to use $200 psf.  

Soft costs of another 15-20% include loan fees, taxes, architects and real estate commissions.  

My wife has been doing base cost analysis for the renovations (she's an interior designer/architect) and is up to 47k on rehab with the list mentioned above.So there is wiggle room in the rehab budget but not much wiggle room on our end for the purchase price.Do I have my eyes set on too big a fish to tackle as a first flip?

I have a great architect and designer.

I currently work 8-4 as a Structural Molder (Steel architect essentially..) 

Carriage houses in Memphis Central Gardens rent for anything from $550 - $950, (depending on size) and the renter base is usually a single professional working downtown or relatively close to midtown.Right now, we are having an architect draft plans but I'm wondering about the best way to go about financing the build.

Also meeting with architects, GC , permits etc.  

I wish I knew to hire an architect, even if the contractor says you don't need one for a job of massive scope.