Once you know all of those answers, it will make it a lot easier to answer your question.Good luck!

Just make sure you pay attention to other variables, like how fast the immediate neighborhood is improving, what shape is your target property in and is it attached to dependent property, etc. 

The value that your wife is bringing to the table is actually easier to convert into a percentage of ownership in the deal because you should have a pro-forma and financial projections for the deal and the commissions that she will not charge actually have a dollar amount that is easily calculated based on the numbers you are projecting.Our business model is based on syndications for large multifamily properties where we bring equity from our investors as limited partners and we participate on the general partnership side of the deal alongside our operating partners (which in your case would be the builder).

I would prefer getting fixed price bids from contractors because this will make evaluating profitability easier/faster.

Also, as @Matthew Runfola mentioned, he invests in areas outside of the normal LA/Orange County because it's easier to get in to start investing.

its not that HML have easier terms than banks many don't.. its that banks simply don't like fix and flip financing no matter who you are .. and the HML provides a niche that banks wont serve.buy and hold any number of lenders do that from soft money to national lenders. 

What is your target ROI?

When you start you should "stay in your own backyard" so it is easier to get to. 

It’s always easier to refi than it is to purchase with a traditional lender.

If you do not have the patience to renovate the entire home I think a new home will suit you easier.