The insurance side of it is tricky too because you have to also lie on your insurance paperwork.

We fund multiple private loans each much and they are run through title/closing exactly the same. 

I wasn’t able to get insurance.

Any recommendations for Umbrella insurance providers for each partner to cover any liability?

Gifting equity in a house may be more trouble than it is worth if you are not near the life-time exclusion1) Potentially having to get the property appraised everytime an equity is gifted2) Having a title company update the title every time3) Exemption of the gift tax return is normally for cash gifts below the annual gift tax exclusion, you may still need to file if you gift non-cash4) If there is partial ownership over several years, having to properly pro-rate certain items such as real estate taxes, mortgage interest and rental income if the property is a rentalBest of luck 

Since you're wrapping up paperwork, make sure your lease terms are solid, get the right insurance (landlord + homeowner), and set aside some cash for future repairs.

However, your mother-in-law is a related party to your wife.Given this, it's important to understand how the title is held on your rental condo?

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

So another questions about insurance.

If your insurance coverage isn't enough, they could seize the LLC assets but not your personal assets.Additional thoughts:1.