I would ensure that the contractual agreement before the start of the partnership is hammered out in detail! 

First you need an attorney to draft the PPM, operating agreement and sub docs.

It's a good idea to talk to legal and financial experts about taxes, insurance, liability, rental agreements, and managing your finances.

It's wise to take into account market research and any upgrades or additional benefits for the tenant.Determining when to raise the rent is influenced by various factors such as lease renewal dates, local market conditions, tenant satisfaction, and lease agreements.

We have a signed lease agreement which contains clauses for lease termination (tenant may terminate this lease agreement prior to its Maturity Date due to unforeseen circumstances with an early termination fee equivalent to two (2) months’ rent.

Is there anything I need to consider any terms of lease or rental agreement with in-laws?

We had a verbal agreement, and they sent me the contract, which I have not signed yet because of the walk-through.

His wife, who has her house 20 minutes away, is also coming to the house without a lease agreement.

You do not need to state a reason as you can end your lease agreement at the end of the agreement for any reason that you desire.  

Is it stipulated in the tenant's lease agreement that both of you are designated as landlords, or is only one of you identified as the landlord?