The effect of this rule is that once you have 10 mortgaged properties you cannot get any more conforming loans.If both you and your wife can qualify, each can get 10 conforming loans. 

The house is in great shape and was maintained well by the tenants, but I'm sure we will need a day or two of miscellaneous cleaning/repairs.

@Aaron Deane Many of the answers you are looking for can be found here:How to Effectively Conduct Joint Venture Agreements as a Real Estate Investor596231-how-do-i-properly-construct-a-purchase-with-a-partnership591376-create-an-llc-for-first-partnership-best-way-to-do-so526244-taking-on-partner-s-and-limiting-our-liabilitesGood luck!

Figure out side hustles you can do, mowing lawns, start a window cleaning company, etc., anything to stack some cash, because with a house hack on a multi family unit, you're going to need at least 5% down.

She has not received any documentation to that effect but received a letter from an attorney offering his services to help her through the foreclosure.

Is there a ballpark sq ft cost to do a simple clean, paint, carpet etc?

Or can we get a heloc now and have it not effect refi ing the house later for more inversting?

Your most effective path may be to find an experienced wholesaler and partner up with her. 

Cabinets, countertops, appliances, clean up, smoke damage, etc added up to $50,000.

, 2) Do you have an effective team or partner with boots on the ground in Little Rock?