If your wife has reservations about the legal partnership, she must have her reasons.

You may only charge the tenant if you actually incurred costs to remedy the damage, and, this cost must be presented to tenant in terms of repair bill and receipts for payment of the bills.  

Also, I was just there and the one thing you must keep in mind our you flipping to resell in the Puerto Rico population or to the population in the US? 

If you buy a 50 k property, put 20% down, which is 10k, you must paint, do some Sheetrock, save on sweat equity, in the beginning!!  

If you wish to open brokerage account for your Checkbook IRA you must open account in the name of the LLC, using LLC's EIN, you as the manager will be signor on the account and will have full control over it. 

And be sure you visit the area and the team you are considering investing with.

And yes, there must be a 2-year space between these transactions, even for the partial exclusion.The only way to avoid paying capital gain taxes is a 1031 exchange.

Can she claim more than her 50% share of selling expenses on her 2017 tax return, or must we each claim 50% regardless of who actually paid for it?

I live in Folsom and have been studying the city closely - mapping out and visiting all the neighborhoods to learn all their pros and cons.

However a Tenant who reaches out to you with a significant risk of harm or danger IS YOUR LIABILITY.One thing is for certain, you must act.