Have contingency plans in place, set aside reserves for unforeseen expenses, and be prepared for fluctuations in the market.Investment Strategy: Define a clear investment strategy tailored to your goals.

I have selected a local CPA firm and will be utilizing them for tax preparation.

If you were to venture into STR I would suggest starting with one to test the market and see if it is something you would like to continue to expand into. 

I need to prepare for this project by getting informed. 

.- Should I engage an attorney to prepare for lawsuit?

Combine this househacking with joint venturing on some commercial property around the same market (5-20 units) with a few other investors that compliment your skillset and viola, you will obtain 30-50 units in 3-5 years. 

You may want to consider working with your tax strategist remotely to expand your options.I would also recommend looking for a tax strategist willing to work with you throughout the year, not just when preparing your tax return.

We live in Ohio and both have prior real estate investing experience, but this is our first business venture working together, and would like to set up our LLC in Wyoming. 

As others have mentioned, I don't think this is a good idea since it appears that you are risking her retirement income on a venture where you have no experience in.Is her pre-tax income going to be $105,000 after retiring?

If $200K pre-tax is realistic while doing wholesaling then I would be fully content with it, and I would scale it (I use the word in literal sense, meaning: make my operations grow ever larger, not necessarily Warren Buffett large:-)) from there by investing extra capital and using financing leverages to grow into other ventures.