That being said there are often delays on international wires and you should send the wire at least 48 - 72 hours before any deadline.They will absolutely report it to the IRS.When they do it, it should be clear to the IRS that it a US citizen repatriating money for a real estate purchase.Of course repatriating a large amount more than you claim as income, could raise a red flag.There is a very important item you did not mention. 

You might want to consider a contract of sale with a delayed settlement, you hold the deed until sometime in the future where the buyer refinances the property and pays you all.So the contract is dated today 12/10/15, and the settlement date shall be in 36 months; buyers have rights of possession of the property, buyer is paying you X and a percentage of that X goes to reduce the principal amount or is consider part of the down payment, (or calculate the amortization amount to the principal).This way you are holding the deed (to be available) until the buyer performs.

As far as the timeframe, it went about a month or so over the original 3-month timeframe mostly due to weather delays for the kitchen addition (needed because of the original REALLY funky layout), lol.  

Great job, that is one of the keys to wealth,  Wealthy people can delay gratification, and are willing to work for it. 

I guess my main question is, is it a good idea to buy a property specifically for cash flow, knowing there's minimal equity ?

You can accomplish this with Google voice too but your options are minimal.

I'm using bandit signs, sending letters to distressed properties, craigslist and newspaper ads with minimal leads/deals.  

Your mentor may tell you it's enforcable, but the likelihood of them pursuing it, let alone prevailing, would be minimal.  

If you build a new house with your dad you'll have 3 advantages; you can build it to your exact specifications, you'll have minimal maintenance issues and, most importantly, you'll equity right out of the gate.

As for advice, ensure your personal finances are in order, minimize your debt, secure a job, and learn learn learn form all the resources here on BP and any real estate book you can read.