I am talking about syndication or joint venture or equity partner.

I believe the first $77k of capital gains is tax free for a couple filing jointly (*not an accountant*).

Develop a joint venture agreement laying out the parameters of responsibility.  

@Brent PerkinsThere is good news, you can likely turn the property to a rental for 3 years and still be eligible for the section 121 exclusion($250,000 of capital gain or $500,000 if married filing jointly).

@Colin Youn You might want to read these: How to Effectively Conduct Joint Venture Agreements as a Real Estate Investorhow-do-i-properly-construct-a-purchase-with-a-partnership591376-create-an-llc-for-first-partnership-best-way-to-do-so526244-taking-on-partner-s-and-limiting-our-liabilitesPrepare your partnership with these questions first:questions-for-capital-partners/real-estate-partnership-questions/questions-ask-investment-partners/If you decide to proceed, I think you should have an LLC formed going in a limited partnership with your(s) partner(s) LLC.

Our CPA is telling us we can't depreciate our two multifamily properties (purchased both this year) because our household income (married-filing jointly) exceeds $165,000. 

Do we open a joint bank account?

if you are buying in a secondary location you need to know that when you sell it will impact on your selling price and also limit your market as there will be buyers that not buy in inferior locations, due to noise etc.

There's a word for that.With any lease involving more than one signer, include the words "jointly and severally" in your lease, along with a plain-language explanation of what the terms mean:  even if your co-tenant moves out, doesn't pay, causes damages, incurs violations or fines, etc, you are BOTH responsible.

However, we believe it would be wise to use the LLC and a joint bank account under the LLC’s name to track cash flow.From a perspective of reporting taxes, would the LLC limit us?