I would decide on what strategy you like more.

Quote from @Kevin Rodriguez: After numerous unsuccessful attempts to secure a deal to cohost, I’ve decided to adopt a new strategy.

While you can't take forever and a day, because a desirable candidate has choices, deciding too quickly can be disasterous.

I'm curious with you and your wife, how did you decide it was worth it to put the 50% down and purchase?

I had already decided when their lease was up they were getting a hefty increase, which encouraged her to move on after a few months of M2M.  

When investing in real estate, having multiple exit strategies is key.For a single investment property, make sure the numbers work for both scenarios: 1️) If you decide to sell the home, the deal should produce a solid return. 2️) If you need to rent it out, the rental income should cover expenses and provide a profit.Flexibility is what saves you when things don’t turn out as planned.

(unless in the future we decide to move them into a Multi-member LLC then we will file as a partnership?)

We have decided, like you mentioned to advertise for LTR  and see how things go. 

To decide, consider your ultimate goal, manage more tenants, and analyze potential fourplex properties to compare their returns.

Def coming to you if we decide to pursue Sec8 in Detroit vs IL, where we reside now.