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

I don't care how well you rehab the house and if U pull all permits if your tenant base is abusing and transient your goose is cooked before you ever started.. 

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.

@Tiffany U. interesting strategy, and one that I'm sure many of us wish we were in a position to follow.

@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).

The way u see it, I can wait until lease ends and non renewing, or I can offer to the tenants somehow.

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.  

Lending home Is cool u just give them your vesting's and they pull public records nationwide to verify you actually bought and owned it in that entity.. very easy really.. and I always suggest folks .