Welcome to Bigger Pockets @Joshua KeimAs a fellow Memphis native, I’d love the opportunity to connect in person and discuss strategies with you!

You’re still going to be personally sued when something goes wrong. 

Quote from @Sharon Bancroft: @Cameron MarmonI had this same situation and my tax accountant filed the change for me ( one time filling) and we now file it on our personal as a disregarded entity.

If someone is walking down the street and trips on your sidewalk or a  walk way whether its a tenant, delivery person or passerby you are the one who gets sued because its premises liability exposure.

For mobile homes, it often depends on whether the property is considered real estate (attached to land) or personal property (if it’s not).

You are going to send your wife to personally unclog that toilet.

but i also 2nd @Jay Hurst's sentiments - get a 2nd or even 3rd opinion on DTI/ full doc. i personally love files that are puzzles, i get some weird satisfaction out of figuring out how to make it work on full-doc, especially when my client has been told "no" before. if it doesn't work now, a good loan professional will help you create a path forward.

But it sounds like you should also balance your decision on what fits you and your families preference and style since you will be using it personally. 2.

Ideally you would put only one persons name on the mortgage unless you absolutely had to have both to qualify.  

Probably not a good person to hire, maybe let your bosses know.