"Sell" property to spouse?

[Michael B.]

I'm wondering if there are any tax implications for "selling" a property to my spouse and want to verify if there is a certain order I need to do accomplish things in to make sure it goes smoothly.

I have 20 rental properties with title and mortgage in my name only, 10 with conventional financing, 10 with a portfolio loan.  I'd like to "sell" my spouse 10 with the portfolio loan so she can get conventional financing on all of them.  I know there is a six month seasoning requirement for non-arms-length transactions so planning to get a portfolio loan for those 10 in her name only on the loan and title.  After the six months, refinance to a conventional mortgage for each of them.

I read over IRS publication 544 and found a section about not being able to deduct losses which shouldn't be an issue as they have appreciated, but it also mentioned owing taxes on gains.

Questions:

• Since between spouses, do I need to pay on gains and depreciation recapture?
• Can I do this in one transaction or do I need to add her to the deed first and then refi?
• Does it make sense to just add both of us to all the deeds and then just get the mortgages in one name?  Is that easy with conventional?
• My property management company would issue two 1099s, one for each of us, do I combine rent/expenses for the year per property, do do I need to list properties twice to ensure the 1099s match?
• Anything else I'm missing in this process?

Thanks