The downside of having a sole member LLC is that since my wife has w-2 job, her portion of income won't qualify for mortgage qualification which means less leverage for us.  

It was biggest mistake I've made, not debilitating, but I won't buy them anymore.

Repair damaged interior doorframesRepair cracked drywall Repair minor interior water damagePaint interiorRehab kitchensTear down garage, replace with 1-2 unit structureRemove fence/landscape yard (xeriscape for low maintenance) My biggest question is: after I stop water from getting under the house, how long should I wait until I have foundation work done?

This will eliminate the biggest hit financially and when done by yourself will end up with better quality tenants.

I agree totally with @Tim Swierczek, wholesaling is not illegal even thought the way some people do it may be.One of the biggest things I have found in my studies and research is that you can not sell the Property (the home) you can sell the contract. 

Some of you have mentioned risk of vacancy as potential downside of raising rents but my own market research and the advice of my property manager that I trust, has indicated that the vacancy risk is minimal.

Our biggest deal so far was a 120 unit.

Investor Underground is the biggest networking group in Texas with over 12,000 members. 

My biggest and most important goal in investing would be to be able to let me wife work less or not at all.

I have access to short term private money, but the biggest challenge I foresee is refinancing and keeping cash flow, as I've never done it personally.