You'll be better prepared, you'll have less heart ache and you won't have to deal with the struggles of some management company that thinks what they did is "good enough" while you're taking a beating in the wallet and possibly overseas. 

You will hear the term: JV which means Joint Venture and that is usually a great recipe 

In the 2 years since cancelling he’s called me once for a new microwave and I’ve gotten ACH deposits on the 1st.

If you and your wife file a joint married tax return then that property is being reported on your combined schedule E. 

When possible I even propose to do  joint ventures with PM's.

I am sure you guys are filing married filing jointly now, so even after LLC, you would file the same.LLC just acts as the bridge, the amount of income from rental or tutoring will have same effect with or without LLC. 

@Gabe Cole Have a lawyer draft a rock solid Joint Venture agreement.

@Aram Velazquez Our primary house has only me on mortgage yet when getting investment property on my wife’s name, lender considered her responsible for 100% of Insurance and property tax (because title is in our joint name).

Plus one of the benefits you'll be interacting with lots of people - sellers and buyers and may by chance come across your future partner to jointly buy MFH.  

Joint ventures6.