However, there are some strategies regarding partnership shares between two spouses that may create a more beneficial tax situation with regard to income that's subject to SE tax- this is a more complex setup and should be done by a professional. 

I would not do this deal for the following reasons:-Austin has had a tremendous run and while I do not see a huge downturn, I do not see how the run can continue at this level-Huge number of rental units coming on line that will bring down occupancy levels and rents will follow-Your $160 per month HOA fee WILL jump once the complex is sold out. 

As I recall, if you took out, say $50K, then the allocation of the two properties is $220K and $80K.Now, figuring out these 1031's can get complex as most of the course I took involves doing series 1031's where you trade a property in a 1031, to another one some years later in another 1031, and so forth, and then another one, where you actually own one physical building but on your books, can be several, each with it's own depreciation schedule on it's final sale, can have two or more separate depreciation recaptures calculated.

Do not believe any myths to keep you away of doing apartment house complexes. 

I have a 15 unit apartment complex that I purchased at the beginning of the year.

In any case making a concete driveway could be a DIY project, it is not complex at all. 

She was turned away from every other landlord or mega apartment complex because of her credit score (she went through a divorce) but I want to help her increase it because she has been great as a renter.

The statement about needing experience before you should get into apartment complexes is a myth. 

In my market "Multifamily" ranges from duplex that cost $100K up to apartment complexes that cost millions.

Personally, I worked at a student housing complex and I don't think I ever heard of any of the tenants starting fires because of their stove top/oven!