As someone who consummates approximately two deals per month, I have experience in the arena of funding real estate acquisitions, remodels, and flips.Imagine yourself responding to a job ad - the employer wants to know he can establish a working relationship with you, and that you will be motivated and reliable when it comes to performing the job you're applying for.  

I guess I would have self-employment income (the rent I take in) and then all of the expenses including what I pay for the master lease?

Also subject to both halves of "self employment tax" which is social security plus medicare.Yes, this does eat into your profit.  

Since you are in IT maybe you can ask your employer for an opportunity to work from home, even if it's a couple days a week.At the end of the day, the final decision has to be your own.

The retirement type funds that are not associated with your current employment can probably be rolled over into something that is self directed and thus allow you to invest in RE in your area or elsewhere.My advice would be if you're in high profit areas like I believe Baltimore to be (and may become more so with your recent events) would be to do it on a Roth basis.

My wife is also employed part time and brings home an additional $15,000.

Despite the layoffs I cannot hire any help because the unemployment pays better for oil hands than $12 to $15 an hour jobs, and I don't do under the table employment.     

These rural type areas have maybe one or two major employers and if they go out it creates a domino effect.You say it is a strong-micro economy which lends itself more to a suburban than a rural classification.We look for rents at no more than 10% of sales for NNN and 5% is optimal.

I know one of the biggest employers left in the area are downsizing which doesn't help either. 

It could help but being your first rental property the bank is going to rely heavily on your personal credit/financials and employment.