@Troy Schwamberger you are correct. the 1.2x is a bank standard for lending, even if you are at 1 and not bringing home money, you essentially are making money. your tenants are paying for the house ( adding equity) the bills are all being paid for to run the property, pay insurance and taxes. you also get to depreciate the property and if you do any improvements to the property or repairs that gets deducted or depreciated while adding to the basis of the property, if it is a capitol improvement.

We have since then added our first child to the mix and we are finding out what tired really means.

I find properties that are in good condition but rented under market and gradually rise rents by adding value to tenant with upgrades.

I would pay a reasonable assignment fee upon the wholesaler getting a 45 day extension for financing and after I satisfied myself the property is bankable.   

Give some information and knowledge and the benefits will come back to you tenfold.That would be in addition to starting a website, blog, craigslist ads, facebook posts, networking, telling all friends and family what you are doing, go to local meetings, code compliance lists, driving for $$, and a few others I cant think of right now.As mentioned above, you have to keep doing all of those consistently over and over.

I think its essential to time block, and prioritize your day . 

If it's already zones for 2 family, you'll need permits.Two blocks from me at the edge of a residential zone and commercial zone, a business had bought a lot hoping to use it for his business, or build a small strip mall.

You are adding debt to yourself.

Great suggestion asking for the Schedule E Jason, I'm going to start adding this to my due diligence.  

Because it is a detached garage, known as an accessory building, adding a dwelling within would make the lot have two buildings/structures on it.