As to the accounting of paying all rent into a jointly owned account (keep in mind, bank accounts can also be tenants in common or joint tenants, or wholly owned by one with signatory authority to each, make sure you think through how you're going to want to do this) and then seeking capital gain exclusion down the road upon sale, I believe that could work, but I am not a CPA and do not routinely handle tax matters, so I would defer to a CPA on this issue.

Given that you called Lance by the name of Corey, I'd say that you hit the nail on the head when you said "a bit slow on the uptake" ...From what I read, Lance is re-creating what he routinely encounters, and this is not some verbatim exact real-life example.

Routine safety/maintenance inspections will be scheduled.

For example, maybe your wife has a guaranteed pension and you don't need your 401k money for retirement. ...The courts are routinely throwing out those pension guarantees now, especially if it is a state or municipality.Fundamentally, you should be investing in real estate to IMPROVE your financial picture, not put it at higher risk just for the sake of doing a deal.

The Lease will be terminated 30 days after the due date of the next Rent payment.Tenant Assumes Responsibility for the following Routine Maintenance: Granite and stainless steel appliances if applicable.Yard Maintenance (mowing, edging, feeding, seeding, maintaining sprinklers) but not all inclusiveTenant responsible smoke/CO detector, changing all the batteries and alerting (by written notice with a written response signifying the letter has been received) the landlord to when they are no longer in working orders.Tenants are responsible for all windows.

I do routine maintenance checks while I'm there & chat with the tenants to see if anything is starting to fall apart. 

But we had not had big run ups and I am thinking hey the market really can't go much higher ( I owed 350k on it at the time) 900 sq ft built in the 50's 3 and 1 type of home you would routinely buy for 20 to 50k maybe...

We routinely work in other states and have never had to register as a foreign entity.We recently opened an office in another state and that is what triggered registering as a foreign entity in that state.

I still do walk-thrus and schedule routine maintenance, I just don't like dealing with the day-to-day aspects of tenant mgmt.

Hire a contractor or maintenance person to help you routinely inspect your system.4.