It depends on what your long term strategy is though.

If you take title to the property as an LLC with you as the only member (and that elects to be taxed as a sole proprietor) then the property will still be reported on your joint tax return and that would be fine.When you sell you can sell as that LLC and buy as the same LLC or another disregarded LLC, or as you, or as you and your wife, or as just your wife.

@Chris Packer Chris, Gino is spot on.

Does anyone invest or have insight on Murphy, NC as a STR market?

Same thing on their side, they should have had this written in the contract.

We have worked on improving the physical appearance and infrastructure of the park, updating the homes, getting a new sign, advertising it online, and creating a website (www.shadyacreshuntington.com).

What are the best strategies you’ve used to minimize this risk and keep projects on track? 

If you just want the knowledge, sure, take the online classes and tests.

On top of that if you can find local investors that would give great insights.Section 8 has stringent requirements so it would be important to check off the inspection list as soon as you can.

If just one you are jumping the gun on needing any of this.