If the carpet was old, you can prorate the cost of replacement based on replacement cost divided by the number of years of useful life remaining in the carpet.

That's life and has been taken in stride.

It's in a great part of town, (happens to be close to were I spent 5 years of my life) and there is a house 2 doors away that sold for a huge number. 

But I can tell you that my wife is my business partner and my life partner. 

So even if  I get a lender do I still need to get an LLC to keep this investment separate from my personal life in case I want to purchase a house for my self and so it wont effect my credit score?

If it's 5pm, that's life.

Wholesaler “ That would be perfect”Title officer “ I was joking, I have a life and a family”Meanwhile I am screaming on the phone and pounding my fists against her desk.

As long as the tenant screening is strong, your turnovers would be minimal (not factoring in life altering event). 

BiggerPockets is life changing, You're going to love it here!

Just go a few steps up in quality... you’ll still cash flow on paper and even more in real life because you can’t put a price on quality, sane, and consistent tenants.