I'll leave that up to you and your wife because you'll be living in it) and fix it up.The beauty is: 1) there's no rush in fixing everything up at once.

Rental property process, screening, background checks, leasing etc.So while the above is good and fun to do.

It's tough being a successful agent, it really is, I don't know how people come into it with 0 background and make it, and most don't. 

2) Background: My business partner is in the real estate business from almost 20 years and really successful here in Germany, but I would assume that does not help with anything once we start new with a corp, does it?

A bank or a private lender or a hard money lender will give you money for a trade-off of a high interest rate and collateral in the property, but most people are asking for someone to partner with them without giving any background as to what they (the asker) bring to the table in the deal.What skills do you have that can help an investor out and develop a relationship that could end up in some form of a partnership down the line?

As I have some background in collections, when she can across an inheritance, she asked me how she can deposit the money without creditors finding out because as soon as you opens a bank account, creditors seems to find out, and the money will be seized. 

Living for free is a beautiful thing, especially if you funnel what you would have been paying for rent into other investments!

And the beauty of it is you are the named insured, meaning you don't have to chase a tenants policy for reimbursement, you (and I) handle the claim from start to finish and are reimbursed directly. 

I recently found a beautiful 1 acre flagpole lot in the city of lemoore that is zoned for a duplex.

We had planned to do a 1031 on it (beautiful area, but the HOA keeps rising), but the situation obviously has changed because of the coronavirus.