You prpobably don't care about Ohio, but their requirements might be instructive.You can only file January 1 through March 31.

And this might indeed require some time to pass before doing that.You could still create a single member LLC with either you or your wife as member. 

Department of Housing and Urban Development (HUD) and Bankrate, the big perks of an FHA home loan are:Lower Down Payments: They typically require a smaller down payment than conventional loans, sometimes as low as 3.5% of the home’s purchase price.Lower Credit Score Requirements: They’re designed to help buyers with credit scores that might not qualify for conventional financing.

Some require inspections on visible wiring etc.  

Live in one side for a year to meet your residence requirement for the loan.3.

That's wonderful.Your state requires 72 hours of Real Estate education. 

Also start talking to lenders now to understand their requirements 

The answer will form around what work you are doing that requires permits.  

You could also use a Fannie May Home style renovation loan which a conventional loan and require 5% down vs.

I found them on line and wondering how was your experience if you ussed them.response would be appreciated If you have questions about to process or what is required please feel free to reach out.