My wife and I are interested in buying our next rental property, particularly a SFH and we plan to rent by the room, and possibly go through Padsplit and rent by the room.I own a duplex from before our marriage which is rented out on both sides and she owns a townhouse from before we got married that were currently living in.

Quote from @Havital Miltz: Normally you would set the LLC in the state where the property is.You have no tax benefits for setting up an LLC, it is more a protection from lawsuits and going after your personal assets, however not a guarantee....As a husband and wife you do not need to set up a partnership - IRS has special considerations for married couples for self employment, you could also apply that for a rental...Hope that helpsA joint venture is available to any 2 people co-owning real estate for investment purpose as tenant in common  under Proc. 2002-22 (unrelated to marriage) but it can't be owned in an LLC together. 

I'm 21, newly married, and we have a 2-2 house we're residing in as of last July.

Purchase price: $45,000 Sale price: $175,000 I lived here for a few years then when I was married it became a rental.

Additionally, high-income earners with modified adjusted gross income (MAGI) over $250,000 (married filing jointly) may be subject to the 3.8% Net Investment Income Tax (NIIT).For 2025, bonus depreciation is at 40%, so consider leveraging it for eligible property assets like appliances or fixtures to accelerate deductions.

The exception is: When the 2 members are married spouses who reside in a community property state. 

Meanwhile, I was married and had two kids. 

Here's my situation:2024:- W2 income: ~ $1M (married filing jointly in CA) LLC profit: $80K (from 2 real estate flips, in NC on spouse's name)Capital loss carryover: $380K (from stocks in 2023)In what cases can my LLC profit be treated as capital gains? 

Of course I would recommend talking to a qualified realtor but I'm married to the biggest realtor the smokies have ever seen so I'm biased.

Marry the House, Date the Rate - You can always refinance when rates hit rock bottom and lower your payments.