Our short-term goal is to create a part-time job for my wife, and we hope to grow it from there.  

Then once it has past the qualification time period, convert it over to an investment property and do the same thing over and over again.  

I am interested in flipping (short term); and eventually doing some buying & holding.

We are on a fact finding mission to determine the best way to start a new company for short term rentals and trying to determine the best practices to do so.

Offer them a substantial non-refundable option fee to show I’m serious, deductible from purchase price, then use the option period to either find a cash buyer to flip it to or find suitable financing for myself to hold it.

Once you get under contract, then you buy a flight and do in person inspections, walk every unit, explore the market, etc.Also, your deposit is typically refundable for the first 30 days, which is your due diligence period. 

In a short period, she's already systematized my friends business and freed up his time enough to scale much larger.I know she's a benefit, but is there a market? 

Or, can I FSBO my short sale?

However in extreme cases you could be putting yourself at a larger financial risk.One important clause often missing or poorly written, from short investor contracts, is the defaults and remedies clause.

I neither have the time nor inclination to spend very much of my time engaged on this or any other forum so often what I post is a short version of what I share with clients and customers.