agree with Robert  we are Canadian  investors so for us everything is done at  arms length so our property management companies  handle all  the say to day affairs .... the secret is to have a company that you can trust... we  do take trips to the states to meet with the key people on our teams and  are doing well  with our investing as of today

None of this is to say you shouldn’t arrange your affairs so as to pay the lowest amount of taxes possible.  

@Jack B.Sounds like a question for your CPA.I'm a CPA and have a CPA to handle my affairs. 

Partners shall manage and control the affairs of the Joint Venture to the best of their ability and shall use its best efforts to carry out the business of the Joint Venture.

Follow Legal Formalities: To maintain the limited liability protection offered by the LLC structure, ensure that you follow all legal formalities, such as holding regular meetings, maintaining accurate records, and keeping the LLC's activities separate from your personal affairs.

Neglecting these obligations can lead to debt collection efforts and the potential seizure of your wages and assets, including bank accounts, until the debts are fully settled.We genuinely regret the current state of affairs and want to assure you that we do not harbor any animosity toward you.

The purpose of your policy and system is to handle the matter in a business-like manner, train your Tenant to obey the HOA governing documents and to prevent yourself from being fined by the HOA.You should maintain a healthy distance from your Tenants and not get involved in their personal affairs.

They want to be with people who are the opposite and who are more relaxed and fun to be with.You do your thing and let your wife do her thing and if she is interested in your business affairs then let her ask and this is not the first time this subject came up.

Before someone passes you must have in writing how affairs are handled. 

Barring someone with some "creative" strategy/angle- *cough, rent to own scam, cough*-, or someone taking a leap with other peoples money, rather than their own -hello syndicators- , I don't think you are missing anything, and are one of the few honest posters here on BP regarding the state of affairs.