How do I structure this deal when it still has debt service and rental income?

If you hold a 15yr fixed mortgage, you may be able to get close to that depending on the fee structure.  

There were extra fees because of the draw process and the structure of the loan.

Retired and former service members can often be successful in real estate, and they often have many of the skills that are useful in this business, which can make it a good 2nd career - like having self-discipline & structure, valuing teamwork, and their own experiences moving and relocating.

However, she has more current debts than I do and we would have to structure how the cash flow would be broken down between us.I am curious on what your opinions are on which strategy seems more feasible or better for starting off?

Also we do not allow changes to the structure of the house on our Home Style loans …..most lenders have the same guidelines.

I did a ton of researching last year, and decided wholesaling, while just as tough  as any other business structure in real estate, would be my select niche. 

I did some research on a few properties which are within my reach, and they're either vacant (with utilities on the property line or even delivered to the property (electric meter, water meter), or lots with exisitng structures (houses, sheds, etc.)

if you don't mind sharing what is the JV deal structure? 

My career for 13 years has been in debt capital markets, specifically Structured Products (distressed mortgage backed securities, CLOs, CDOs).