Me and my wife currently have a sonyma fha loan.I have no other dti except for my mortgage payment.

With no lease or anything legit in place.

Suppose they say "No, sue me."

Once you get some market feedback, you can perform accordingly.

If you stop at the 10 to 20mm range (or less) you can rent/hire most of the luxury items you  ever want, with no commitment, travel the world (if that's your thing).

With on market deals like this, there are two scenarios: 1) you see something that no one else sees OR 2) everyone else sees something you don't

Considering moving, but we have no interest in losing this property - it’s unique and a great investment asset all things considered.I have no experience whatsoever with renting out a property.

.📜 Know the rules – No "deal-making" in the forums (that means no advertising, pitching services, or looking for partners).

Quote from @Havital Miltz: Normally you would set the LLC in the state where the property is.You have no tax benefits for setting up an LLC, it is more a protection from lawsuits and going after your personal assets, however not a guarantee....As a husband and wife you do not need to set up a partnership - IRS has special considerations for married couples for self employment, you could also apply that for a rental...Hope that helpsA joint venture is available to any 2 people co-owning real estate for investment purpose as tenant in common  under Proc. 2002-22 (unrelated to marriage) but it can't be owned in an LLC together. 

With this being our first property though, would a business bank account just be more of a hassle since we want a joint account with no fees?