If both the mortgage and title are in your and your wife's names, setting up a multi-member LLC with both of you as members might help avoid triggering a property tax reassessment (some counties do that) since it shows continuity in ownership.

The option is a completely separate document, discussing ONLY the terms of their right to purchase the property within a set amount of time for a set purchase price. 

Congratulations on the first rental and all the knowledge you have gained from it to set you up for the next property. 

I did have a buyer try to purchase my property but I would have to do seller financing and with my current mortgage on the home, it proved to be difficult, and would much rather do a cash sale to avoid more paperwork as well as still being connected to the property based on the terms set.

The problem with these set ups is you agree to keep your mouth shut if things go bad, but be an advocator if things go well.That's in the language when you deal some of these turnkey folks.

Hello and good day Tenant, We are writing to remind you that your current lease for the property located at _______________ is set to expire on December 31st, 20XX.

Prior to investing in anything for myself, I also set a clear expectation of a result that I require- mine was to acquire a BRRRR property, which I was able to achieve.

Find a couple good handymen and you’re set.

Hey Kristin,Congrats on setting up your LLC and diving into the world of real estate investing!

Lots of variables depending on how you want to set it up.