The $ amount available to you may define and/or limit where you can look for properties.  

It IS helpful to have someone on your team who is licensed, but being licensed yourself may impose limitations you may not want to deal with.

Even though doing a rehab would net a higher profit, I personally thought that doing a rehab right off the bat would be a bit much for me just starting out because of my limited knowledge and because I don't have the time to oversee such a project right now.

I have homes in parks here by me but there is only a limited number of parks and lots open I could use then I am stuck.  

Don't limit yourself to look at just one house. 

However, (again, from my newbie experience), those who are working with limited capital may be better off turning 3-4 houses a year (and paying the higher associated tax rates) than the strategy you mention. 

I have strong credit (760) though my wife has a limited credit history as she is now immigrating to the country.  

I ask because land is a item that has a limited supply.

I'm limiting myself to one the first year to make sure I'm buying a good deal.

Remember that Freddie limits you to 4 loans while Fannie allows 10.