lets take in consideration the house is in the middle nowhere and it takes months for the house to sale in the area.

Now with time and rent growth, what could be a negative cash flow property might very well become a cash flow king, but that takes patience.Another way to increase cash flow would be renting out rooms in the unit you live in, either Airbnb or longer term.Something that would be advantageous for you to do would be to go talk to a loan officer and ask them questions; it's free to do.

If she balks about paying $500, then consider a used stove for $200-300 or a new stove for the same price and plan to increase rent by $25/mo more next year and add the appliance clause suggested earlier.

And now we are full learning on diferent strategies to increase our assets!

CapEx is included, but is considerably lower because it's a very new, excellent condition property (I considered things such as paint, appliances, flooring that would be needed while we still own the property).Purchase Price $350,000Purchase Closing Costs $1,300Total Project Cost $351,300ARV $350,000Down Payment $12,250Loan Amount $337,750Amortized for 30 yearsLoan Interest Rate 4.6%Monthly P&I $1,731.46Total Cash Needed $13,550.002% Rule 0.85%Initial Equity $12,250Monthly Income ($1500 per unit) $3,000 Monthly Expenses (Including CapEx) $2,607 Monthly Cashflow $392 Pro Forma Cap 7.28% Total Cash Needed $13,550.00Cash on Cash ROI 34.73% Purchase Cap Rate 7.28%Est Vacancy $150PMI $200Est CapEx $63Insurance $80P&I $1,731.46My only major concern is that I'm not meeting the 2% rule (and just short of 1%, even), but this is probably the closest property I've seen, and has a significant cash on cash ROI.

The initial zero-sum cashflow (at the time of purchase) will increase over time (2-3 years) as the rent increases resulting in a future positive cashflow.  

I have conservatively valued and suggested a sale price of $160K-$165K based on increased values the past 3 years coupled with the challenging location and current condition.

By how much ($ amount) is a property ARV increased or decreased by having (or lacking) additional bathroom?

Question is why do you want to add spouse, it might increase your tax filing burden, if not don’t correctly. 

I wonder about privacy considerations with regards to a bank's ability/willingness to share a client's info.It can potentially open up a can of worms in that regard!