You could set up a self-directed IRA for your wife and do the flip with the IRA, however there are number of implications you need to be aware of:- You personally can't do any work, all work must be outsourced to independent third parties- If you need to finance the purchase and rehab: loan must be non-recourse - Income from the flip might be subject to UBIT tax as it would be considered an active trade or business 

I would like to change my circumstances and become financially independent.

You could find individuals like me near you, that you trust completely, who write property/home estimates (independent adjusters & contractors), and will help you out if you pay them.

Especially if it is a single family home.Are you currently working with an independent agent? 

In Independence.  

I'm much more at ease at the thought of building my passive income and achieving true financial independence through real estate. 

Flood Insurance Cost2. availability of property coverage based on proximity to the coast (windstorm exposure)Neither of those will prevent the deal but the costs of the insurance should be researched before you go forward so you can factor that in.There are now multiple private market Flood Insurance providers (Non-FEMA) and I would advise checking them as they can sometimes be significantly less.Contact a good Independent Insurance Agent with multiple markets and get some rough numbers for a sample property.

Perhaps having more money available promotes a sense of independence?

I am super excited about having some financial independence and I am eternally grateful for finding bigger pockets.

Once we really wanted to work toward financial independence, we needed to save every penny we could.