I have been wanting to start attending some of these but I don't really know where to start looking, and more importantly how to determine if it's legitimate or a sales pitch. 

The neighboring 4-plex was built in the 1920s and the landlord has put minimal back into it.  

Pros - You'll have access to cash when you need it, MFH will be worth more with upgrades, You'll have more income with upgrade and a new investment propertyCons- interest on HELOC (which will be minimal compared to increased cashflow), paying the HELOC off will be at a trickle with month to month cashflow, more questions asked when applying for a loan**  After the upgrade you could cash out refi the MFH and pay the HELOC back down.

You can also "co-wholesale" by asking for permission to contact your cash buyers about the property and pitch it to your cash buyers at a higher price, and you profit by keeping the difference between the price you obtained and the asking price from the first wholesaler.

Hopefully, since my wife was working towards her bachelors degree, she didn't work much so I wonder if her minimal income may help us when we file. 

I plan to complete a cash purchase of a property with personal funds, closing it into an existing S Corp that I would be joining (Illinois), which right now has minimal assets. 

I just want to get the damaged repaired and move on, without taking a $4000 hit to my minimal cash flow.  

A good coach will help you get to the next level, will shorten your learning curve, and minimize risk and costly mistakes and teach you things that you will financially and freedom wise benefit you for decades. 

I'm leaning towards hiring a professional this first time, since my tax knowledge is basic/minimal. 

I'm not a realtor, mortgage guy ect so I don't have a service I'm selling/pitching.