This required lead time could be longer if it is dictated by their lease with the landlord.  

That's where the "lock function" dictates what you want.  

That will dictate your possible collections methods.

Not sure how a pool would quickly dictate what would be best scenario.  

Your wife's broker will likely dictate this in the brokerage policy manual. 

But when you inspect it, your rehab plan should be dictated on what you need to do in order to get it to the target ARV2.

@Priscilla Wong Depreciation as a tax break is another consideration that can dictate  the direction you go here. 

It allows you to diversify into a portfolio of homes as opposed to putting all of your proverbial eggs in one basket.Be cautious tho as over the years I have witnessed countless investors buying properties in crappy areas, for more than they are worth and being passed on to crappy property management that nickel and dimes them to death (I guess all of those 15% "awesome" paper cap rates and promises of financial freedom aren't that awesome after all...)This is not just true for real estate deals but life in general (Your "piece of paper" degree does't necessarily dictate success in your chosen profession or your business)Real life experience is different to what any "piece of paper" says.In all reality guys it takes time to build financial freedom, and the more you can diversify your risk across multiple properties in your portfolio the less risk you bear in the long run.I may not be the smartest Aussie you have ever met, however I do understand a few basic rules that I follow on every acquisition I make.Strength in numbers, cash only, patience, and discipline.Let's talk about Strength first.Price point plays a big part of "strength in numbers" as it is safer to acquire 5 homes for a total of $350,000 as opposed to one for $350,000.What happens if "that one" property goes untenanted for 5 months?

It's a seller's market and they can dictate terms right now.

A side note your rental type dictates your customer.