Do you also create a virtual account for those? 

They mentioned they didn’t need any income.

I think you would need to account for that with each “flip” - does it? 

Account Closed said, income and assets are the only "hassle" with a conventional loan.

@Vidit MainiYou should have a consultation with a tax accountant to learn about tax strategies. 

Make sure your accountant specializes in real estate taxation.

Are you going to keep the separate bank account, keep corporate minutes?

It does not include the rent income, just the appreciation, it is about 11%. 

Focus on tax-saving strategies such as cost segregation studies and bonus depreciation to accelerate deductions.By qualifying as a Real Estate Professional (spending 750+ hours annually and materially participating), you can offset your wife’s S-Corp income with real estate losses, reducing your tax liability.

Your income isn't high enough for it to make sense as a rental and the closer you get to your residence limit the greater pressure you will have to sell it before losing your exclusion in whole or part. 500k right now can make $15k per year income with zero maintenance or tenant risks.