Further more I'd like to continue wholesaling and pick and choose the properties id like to keep in my inventory along the way. 

IF you calculate vacancy based on income, she is currently only collecting 61.5% of the potential...big opportunity for you to improve NOI but you should calculate offer based on current occupancy/NOI only.  

However, I want to but a multi unit property next, to start getting higher ratios and try to improve my portfolio.

The funding can in turn be used for a number of uses including acquisition, construction, enlargement, improvement or equipment.

Now is a great time to wholesale bc rehab inventory is low. 

Right now houses are cheap, money is cheap, and there are tons of assistance programs so we are likely to not see any major increase in home purchases as primary residences in the near term, and in fact if the market becomes tighter in terms of inventory, lending restrictions become tighter, or interest rates rise then most people would expect a decline in the number of home purchases as a primary residence. 

@Ryan MullinI agree with @Charles Worth This is a great article.With the improvements and expansion of businesses into Fountain Square this should lead into the surrounding neighborhood communities, like Bates Hendricks, to improve as well.

If you find comparable properties with similar square footage, features, bedrooms/bathrooms that are renting for a price that you find acceptable as an investor, then the investment to improve your property might be worth it.

@Alex Agafonov@Jon HoldmanJon is right repairs or improvements done prior to the rental entering "service," is added to basis however interest and incidentals like property tax can be itemized on your personal schedule A.

The property taxes are significantly lower, so it improves your cash flow, without changing the factors of the deal.Good luck!