You must have CASH to be a real player though.

I also saw many of my friends struggling to find jobs but I knew how capable they were.

Commercial lenders will look closely at the property, but they will also pay significant attention to the experience and financial capabilities of the sponsor(s).Don't hesitate to follow up and ask for additional help.

Pitch that as your value add.If you had the capability, maybe plans, permits, scope/bid from contractor, and project time line...all that bundled together might get some action...

Not all can do any and all well, and that has nothing to do with the economic cycle or any other cycle, it's just that persons capabilities. 

If you have the capability to buy real estate, I would say go for it because over the long term, you will be glad you did. 

The bank may want to see what makes you and your team capable - I would say that you and your wife’s backgrounds would qualify as good enough experience.

Quote from @Suzanne Player: Have you considered looking around the country for cheaper areas that are growing & doing short term rentals either in vacation areas or for traveling nurses or construction workers?  

You need to know:1 - What your financial goals are2 - What your financial capabilities are3 - What your knowledge base is in the way of strategiesThen you need to apply these things to specific out of state markets to find the micro-markets (not all properties within markets are the same...even if the houses are identical) where the combination of #2 and #3 above will deliver #1 above.

Some software is especially good for rental accounting and has comprehensive income and expense tracking and report generating capabilities.