I would not suggest this route to any newbies.The path of least resistance is to save up money, buy rentals and go the slow and steady route

She currently has a a very low-paying job, but has $95,000 in savings and an 830 credit score.

I'd much rather put my savings toward a deal or my own mortgage.  

Right now one of the coolest places to leave in the planet.  

The goal would be to purchase this property, live on my income, use 90% my wife's income to save, invest and purchase our next investment in 5-7 years.

Pay off house, save up and pay cash for 1 rental.

Finance of America offers a line of credit for flipping that is based on a multiplier (5x I believe) of retirement and savings.

I am not planning to buy a 100 homes a year, just to methodically buy (cash) and sell houses using equity and my savings.     

The difference in your bank account balance between paying a property manager 11.67% (10% of gross rents plus 20% lease fee) and managing the property yourself when buying one 20% down rental property (in Northern Colorado) over 40 years is:If you invest the difference in the stock market and could get 8%, the difference becomes:If you're saving for a second purchase, it delays when you can buy that second property which further compounds the effect of property management fees on your overall net worth.And doing the full Nomad investing model, it is pretty significant differences.I am going to write a whole book about the impact on various investing scenarios.

This really did save me a ton of time.