How to leverage my rental portfolio to make income for my wife

[Madhu Kumar]

Hi, 

Hope you are all safe from the virus.

I have been thinking lately how my rental portfolio can be leveraged to make income for my wife. She is been on and off in the job market before, but with the COVID situation, she is full time taking care of our two kids at home. I do 9-5 job and make 6 figures. My goal is to let her have enough income so she can qualify for a loan by herself.

I have few properties that make 6 figures gross rental income. But, they are all on my name and the loans on them as well.

I thought of these ideas and wanted to see if these make sense.

1. I am thinking to add her on the Titles along with me or entirely on her name on few existing properties and also on new ones. And, let her claim income on those properties in the tax returns. I understand my DTI would drop by doing so and may not qualify for future loans.

2. She could take my role of approving maintenance requests and follow up of billing questions from property management company and look for deals. This way, she can fulfill 750 hours of time needed to be a real estate professional for tax purposes.

3. Any other ideas?

I understand this will take at least couple of years to work.

Thank you!