Is this only for Sole Proprietors?  

Mainly I am wondering how you all structure your income / COS / expense accounts.I've got my income accounts: rent, Section 8 payments, repairs, gain on sale of assets, extraordinary income, finance chargesI've got cost of sales: utilities, HVAC materials, plumbing materials, lumber, contractors, (lots more... stuff to keep the actual apartment running)I've got my expenses: hazard insurance, PMI, property taxes, cell phone, basically all things that are related to the business, but don't directly keep the apartment runningI've got fixed assets: land, building, computerI've got current assets: cash, checking account, savings account, inventory (stock of repair materials for building), accounts receivableI've got current liabilities: accounts payable, notes payable (current portion), taxes payable, tenant depositsI've got long term liabilities: mortgageI've got owner's equity: retained earnings, owner's contributions, owner's draws (currently I am just a sole proprietor)The biggest item missing from my list is depreciation.

I have been contemplating forming a sole-proprietor LLC, but would that even do anything?

were you a single member llc or sole proprietor or some other entity?

Tax Win: IRS Provides Clear Test on How 20% Deduction Applies to Rental Income, Exchanges The Internal Revenue Service has issued final rules on the 20 percent business income deduction (Sec. 199A of the Tax Code) that was enacted in late 2017 as part of the Tax Cuts and Jobs Act.Among other things, the rules confirm that the deduction applies to your business income, as a real estate agent or broker, if you operate as a sole proprietor or owner of a partnership, S corporation, or limited liability company.

Schedule C if you a sole proprietor) & you do not have any full-time w-2 employees (i.e. working 1000 hours or more per year) working for your self-employed business or otherwise.The repayment terms are equal monthly/quarterly payments (as you prefer) of principal and interest (e.g. prime + 1%) spread over a 5 year term (or longer if you will use the loan to purchase your primary residence). 

Also, since my wife will be my partner, for tax purposes is it better to just have the sole proprietor LLC or set up a partnership?

-Based LLCS, S Corps, Partnerships and Sole Proprietors, Real Estate Investors, Trusts and Estates, REITs and Qualified Cooperatives20% Deduction Allowed On Individual Income Tax Return.

Instead of doing this as a sole proprietor, you can register an LLC and file an election to be classified as an "S" corp.

You can have it while a sole-proprietor, corporation, etc.3.