Right now you and your husband probably file a joint return and both of you are the tax payer for the property or rather the ssn that is used as the primary number for that joint return is the tax payer. 

@Kellen Driscoll I would use rocket lawyer, just type in joint venture agreement.

Our insurance provider just informed us that they will not extend our joint master condo insurance next year, because they don’t insure condo buildings where more than 50% of units are rented out and not owner-occupied (I don’t know why that is an issue for them).

She gives you the deed, you give her a mortgage, the title company should be able to put all of that together no problem.Yet another way to do it is to Joint Venture with the seller where you split the profit above a certain amount.There should be several options for borrowing the money for the rehab.

, you'll also want to iron out if he transfers the property at a zero/low value to your joint entity vs holding in his own name.

Any chance after hosting at a non-smoking joint in the future? 

All of them on the lease, jointly and severly liable i think is what you need to say.Make sure youare within any local guidelines on unrelated people.

Cashflowing properties are far and few between here in Canada, especially around the GTA ( greater Toronto Area)but i'm looking to getting into some deals as an investor and partner up in some joint ventures , as well as get some capital investors to help me in getting my journey growing as well .I still plan on investing in Canada unsing multiplexes and you never know also partnering up there as well.I'm currenly looking at deals in Ohio, Flordia, Arizona, Atlanta, Baltimore, I just need to get  started.

Jesse, have you thought about partnering (joint ownership), where you do the legwork and you use a silent partner for the finance? 

However standard deduction is a set limit for a single taxpayer or married filed jointly.