I don't see mcuh on this business partner. 

If the trust is disregarded and you and your wife file a joint tax return the property is reported on your personal joint return. 

if you need assistance setting this up talk to some local professionals.to your point you, should certainly not take on a payment you can't afford - and only you know what that is.  

I've heard a lot of investors on podcasts describe the considerable amount of risk/leveraging they undertook on their first deal.

Then I had a furnace go out, several appliances break, a collapsed sewer line, heavier-than-usual turnover, etc.

I do SMS, cold call, mail, online, wholesalers, etc.

.💧 Fix or reroute plumbing lines before new flooring goes in.🛠️ Repair subfloors and framing—this means reinforcing weak spots and replacing damaged wood.🔹 Step 13-18: Exterior Structure (Roof, Siding, Windows, & Doors)✅ Fix or replace the roof—leaks = problems.✅ Replace or repair siding to keep moisture out.✅ Install new exterior doors & windows—huge for security & curb appeal.✅ Repair exterior trim & fascia—small details make a big difference.Pro Tip: If you’re working with a tight budget, focus on structural integrity first.

Bad rain drainage issues which i resolved by building French/trench drain on side and back by spending 10k2.

Get on a bunch of wholesaler lists.

For your question on background, credit checks etc - what is customary in your area?