Start writing what your goals are---in detail, what you are learning, gems contributed to you from others.

We do manage ourselves (hubby is a SAHD, so this is his contribution to the family income).

I put a healthy amount of money in my 401k and contribute about half of the maximum to my ROTH 401k.

I did not need money every week so for every day I did not collect pay we counted that as my monetary contribution to the project beside my labor. 

We all like to help here in the forums, at local REIA meetings and such, but a mentor is a high level of commitment on both sides.What are you offering/contributing in return for the help?

how does contributing to a traditional IRA affect an application for a mortgage?

Max out your Roth or traditional IRA and if you get a decent match on a 401k in your company then max out your matched contribution.

Adam, contributions to Individual 401k can be made from earned self-employment income.

Also keep in mind, this is not only an investment property for her, but that she will also be living there contributing to the monthly payments.

You also have to pay yourself a salary and contribute at least 1% of your salary to the 401K.Setting the whole thing up costs about $5K up front, plus $800 per year to manage the 401K and file all the necessary annual paperwork.