I have owned a few rental properties (mostly primary residences converted into rentals).

Your wife is a US citizen and I assume you're classified as non-resident alien.Really this post is great to educate you on the mechanics of calculating taxable income for a rental property but it's focusing on the minutiae a little bit considering your personal situation.High level thoughts:-Does your wife have an FBAR and/or 8938 obligation? 

Have you ever heard of banks having in-house policies limiting mortgage opportunities to only primary residences? 

This way I am more prepared for the next time an opportunity like this comes up.So here are the details of the deal:3 bedroom, 1 bathroom single family propertyListing requested an all-cash offerThe numbers looked like this:Listed on the MLS for $80,000Needed about $20,000 to bring it up to meet or exceed the quality of similar houses in the areaEstimated After Repair Value (I think abbreviated ARV) was around $141,000Similar rents range from $1,100 to $1,300Initially looking at this, my thinking was that the $80,000 purchase price plus $20,000 rehab bill puts me at 70% of the ARV, and my understanding is 75% or under is the target for BRRRR. 

Let me tell you few things, not scare way but to educate you and prepare you for the worst.

.- My family and I will be living in the property as our primary residence. 

For those probate's that you've gathered research each file and check for PR's that reside outside of FL.

Hi All,We own a house in foster-Powell neighborhood of SE Portland Oregon since 2008 and this was our primary residence till 2016.

They'll start to point things out you may have missed.After doing this a few times you can get comfortable that your numbers are about 80% correct and you can just build in a 20-25% contingency for the stuff you missed Now you're ready to start pulling the triggerOf course you can ignore all of the hard work up front and just dive in...but then you also need to be prepared to lose $20k...if you don't have $20k to lose...spend the time to do your homework and practice first.

Also, Maryland requires that a Resident Agent be identified for legal service.