If your wife already owns it, what's the advantage to you buying it from her?  

If not, no, not ever, forgetting the 10% costs of swapping properties, you have built in advantages to a neighborhood and property you live near and know already. 

One of the biggest advantages to becoming an agent/investor is the great networking opportunities that you can get from your team both locally and nationally.

And what is the best way to go about making sure that the work is getting done within the time frame that you need, the way that you need/done right the first time, and that you aren’t being taken advantage of?

With listening devices, security devices and cameras present in many homes these days, it's getting more and more common for sellers to surveil their property during showings and open houses.Have you ever said (or done) anything during a showing that would embarrass you, or give the seller an unfair negotiating advantage?

Not really understanding rental properties I thought I was doing the right thing and taking advantage of an opportunity to own rental property.

Owner contacted me about listing property, I explained the advantage of rehabbing the home before selling it.

Its also to your advantage;  say you agree to a fixed payment, but you raise rents.  

I currently don’t owe anything just wanted to have it available to take advantage of future opportunities when I find a deal.

We've got over a dozen of properties loaned with conventional mortgages and at this point it's getting more difficult to get advantageous rates for additional properties.