Use a 403b, an IRA, a health savings account, if you have kids CESAs, if married do the same for the spouse. 

I recently got married and am looking to get into REI.

My mom bought a home back in the early 1990s, afterwards got married and her husband moved in with her.  

If less than 3 years have passed from that date you can sell that property and take the first $250K ($500K if married) of gain tax free.  

My tenants, a married couple with their teenage son, is renting my 2 bed, 2 bath condo for almost a year now.

If you owned the house for 2 out of the last 5 years and lived in it in 2 of the last 5 years, and your profit did not exceed 250K (if single) or 500K (if married filing jointly), you will not pay capital gain tax.  

The pre-existing relationship has been further defined as knowing whether the investor is  sophisticated or accredited before you make the offer; so you must have already had a conversation about the investor's finances and their business, finance, or investing experience to know if they are sophisticated or if they meet the qualifications as an Accredited Investor (for individuals: $1M Net Worth or $200k income if single; $300k income if married). 506(c) allows you to raise an unlimited amount of money from an unlimited number of verified accredited Investors.

I want to establish an llc with my wife. We will be equal partners. We live in Oklahoma and file a joint return.

How do we set this up to avoid paying self employment tax on the rental llc return?

Thanks

Next there needs to be some research on possible capital gains, and to see if your grandmother can use the primary home exemption to avoid paying taxes on the profit  up to $250K if single, and $500K for married. 

I'm recently married and my wife and I are in our early thirties.