Be sure to include one of more exit strategies in your LLC documents.

@John Zhang If your wife qualifies for Real Estate Professional Status (REPS) and materially participates in managing rental properties, there is no limit on the amount of rental losses, including depreciation, that can offset your W-2 income.

You want an investment that pays for itself, including mortgage, taxes, insurance, maintenance, and even some money set aside for a reserve to cover vacancies and capital expenditures.

If not, take this moment to adjust, including in case of divorce, mental/physical health, etc. 

In addition to the different tracks @Chris Seveney descrubed, there is also good information on creative financing and seller financing (including what to avoid).

If you are going to finance your rehab then use a LLC to purchase and a rehab lender for financing. 

He is great with investors and can find deals that cash flow much easier, including some off market stuff.

Was previously purchased with a Builder to erect a SFR residence on.

I had specifically asked for numbers including mortgage payments and they emailed to me.

Even with that, I think we will still be way ahead. 2 bed, 1 bath, 1200sq/ft, detached 1 car garagePurchase Price: $38,000Repairs: $20,000ARV: $96,000 (based off Zillow, but a local real estate agent thought that was pretty accurate)Mortgage: $430Insurance: $55Trash Included: $25Rent: $1,000We are now going through applications for our first tenant.