Renting Out My First Personal Home Purchased Two Years Ago

[TONY GALENTE]

Purchased home back in 2015 brand new. We just rented it out for 18 months and we moved into our other new home that just finished construction. I plan on acquiring new properties in the years to come and my wife is a realtor which helps with finding properties. Does anyone have advice on how to handle the income from the home I purchased back in 2015 now that it is a rental? Also, can I form a real estate investment/management company even though the property still shows registered in our personal names? I want to see if I can turn this into a business and start taking advantage of the tax strategies that are available. 

Thank you all for your help in advance!