To maximize your cash out, you will want to get the loan once the rehab is completed so the appraisal is based on the updated property. 

The European banks are traditionally a bit more "conservative" so we do have build up a solid investment case to maximize leverage.

Admit though I have a bias towards what I know and am comfortable with, so if you're confident in strategy 1, best of luck. 

Working within your wife's comfort level is important.

Try some out and see what your comfort level is with them....

The roommates you choose should be compatible with your ways of living, and you should also feel comfortable living with your roommate.

I'm newly married, so now with a dual income household and split expenses, I'm starting to feel more comfortable about taking a step into investing in real estate.My original goal was to always keep my current home and rent it out regardless of where I moved next, because I think we could make $200-300 per/mo. on it (not including maintenance/vacancy) - and when the mortgage wraps up, even better.We're not looking to move any time soon, so I think our next step will be to look for a duplex in 2022 - hopefully near Bay View but open to other Neighborhoods in the Milwaukee area.

It is up to your comfort level, research you've done, team established and finding the right deal.

Translation:  Buying properties for almost nothing while maximizing cash flow now and profit within about 5 years or so.

They would feel most comfortable in a senior trailer park that is also small-dog friendly.