This plan works when the market is stable or improving. 

Do you have to open a new LLC under yours with a joint checking account? 

Apparently is you do more than $500 worth of improvements you need a licence.There is another post on this subject.Washington state anti-flipping law (SHB 1843)

rent roll, maybe get a couple years Schedule E if possible, list of capital improvements completed and those that need to be done, lead paint or not?

Where I am $10K is barely enough for a down payment on a rehab property and that wont leave you any money for the actual improvements or holding costs.

I will never stop trying to improve yet I will never be perfect. 

While the first spouse receives the deduction, the second spouse then claims that income on -  Schedule C - and pays self employment tax.It's the exact same result, but you've at least transferred some Social Security/Medicare over to the second spouse for retirement purposes down the road, so that's good.If you're looking to figure this out for being a landlord, then you just put everything on one Schedule E for property you own jointly.  

Keep in mind that if you change neighborhoods and deviate from the list of improvements your costs can change significantly.

I believe we all create our own realities, and I am always looking to expand mine and improve in any way possible, to maximize and grow, to be all I can be and give all that I can give!

From what I've seen, known money is the first thing to be clarified.Than aside, everything depends on who's name(s) are on title and how they were put on (joint tenants etc).