You would probably need to issue a W-2 for your wife.On $100K, it likely will not provide a huge benefit to add your wife, as you would likely not max out contributions in your own name, but having her as a documented employee of the company would allow her to rollover existing savings from another retirement plan into the account.

This allows you to survive if something unexpected happens, or to invest again once you get some confidence and learn more.Trust your research, trust your calculations and ultimately trust yourself.  

Just make sure your offer contract allows you an inspection period with the option to back out if your inspection comes back with any big ticket expenses that turn it into a bad deal.  

On a potential property you would run the numbers, if the numbers looked good you would provide the numbers to the PML. and if the PML liked what they saw they would give you the green light to purchase the house at auction with there money and you would have your house without any of your money.  

Always do a math analysis and try to look at the prospective property before you make an offer or at least have a clause in the sales contract that will allow you some time (about 15 days) to do a detailed inspection and possibly back out of the deal without a penalty that will hurt you too much.Do not try to do everything yourself.  

We will be putting $3,700 down, and borrowing $15,000 over 4 years at 5%, which is 4x the interest rate our relatives make on their savings in a bank CD, making both them and us very happy with the terms of the transaction.After closing, we anticipate ~$4000 in rehab costs to bring this very tired unit up to date, which will include refinishing the hardwood floors, complete repainting, new kitchen flooring, new counter top, new appliances, new lights, blinds, fans, toilet, etc.  

Some may not allow you to refinance for more than the original purchase price, or charge you a higher rate to do a cash out refi.

Level 2 River White Granite and Venetian Gold Granite are two other options I'm looking at...The home is a rental property which I'll either move back into or sell in 2-5 years.Above - Agreeable Gray wall w/ floor tileView of the kitchen (these are the old cabinets which I'm using until the new cabinet installation)Another view of the kitchen (before the recessed lighting install)...you can see where the island is going to go.Thanks!

@Nicole Jacobson I would Refi, if your income will allow you to do it.

Be strict on the rules and on who you allow to rent.