However, i was initially thinking if I could use Fannie Mae templates such as those here...I thought it would be more cost effective for a starting RE Investor.

What would be the transaction to account for deposits when initially buying a property?

Buydown is trading initial cost for the interest rate.If you're planning to hold/live in the property for longer after the point, buydown is the way to go.

Sounds like my wife and I may have to put initial properties in her name since I'm not currently planning to return to a W2 job anytime soon. 

I’d like to see initial cash flow of $400-500 a month, and hopefully to have that increase over time with appreciation.

LTC is sometimes referred to initial funding.

Include managerial costs in the initial purchase to make sure that rent in your area covers the mortgage principal and interest, as well as taxes, insurance, repairs and maintenance, capital expenditures, property management, and other costs. 

I typically like to start with an initial phone call to discuss your investment goals/experiences, answer any questions you have, and tell you all about what our company has to offer.

So I don't always look for 70/30 if I only need 65/35 to meet my initial cash flow #s

Do i maintain "ownership" during the lease option to satisfy the capitol gains exemption.Say I initiated the lease option at year 1. continued living there for the next year unit i reached my 2 years, move out and rent my old unit.