@Joe VilleneuveI was under the assumption that by studying my local markets, I would be better equipped to make a sound investment decision should the opportunity arise.

LLC offers 2 kind of protection: Inside protection (liability arising from inside the LLC should not propagate outside to your other assets), and Outside protection (liability from something outside the LLC should not touch your assets inside the LLC).The Inside protection is almost identical in every state.

That being said we will most likely look into getting my wife licensed in the future if the need arises.

There are just so many nuanced scenarios that arise as result of only taking action.

As for financing, or refinancing, this is where the problems arise. 

All duties will be split, however because he lives 1.5 hours away, I may Be more active with tenants/fixing issues that arise..

Partnerships are great when all of the potential problems that may arise are addressed early on.

The costs would arise in the form of money (paying someone like Brian or me) but also hassle, time, etc.

I'm worried that I may be running myself out of a good deal if I make these percentages too high but also concerned about being too low and having a major issue arise. 

I have been professional and am quick to repair issues, like a new water pump within 48 hours of the issue arising.