:) Quick back story: This is our first property, we just recently married in April and we've been renting @ $765/mo in the city for the last 3 years.

A little about me: my wife and I have been married for 3 years.

Hello to this great community, I'm glad I finally found a community around real estate.Well to introduce you, my name is Stelios 32 yo from Heraklion, Greece(Crete Island), married with 1 kid.As for Real Estate, right now I'm working on buying 2 studio apartments in my area(Heraklion).According to my newbie research in the area, the market in my town must be right now in phase 1 but I'm not 100% sure, to be honest.Bureaucracy alone is one hell of work in my country and I already work 3 months on fixing papers, waiting for tax systems to unlock so we can get some tax papers needed and much more things...Well to consider numbers, the 2 apartments are in the center of my town and they are both sold at the deep discount of 23600€ right now if you ask me this is a very rare price.

Congrats to your wonderful wife, congrats to you for having the sense to marry her!

My wife and I got married about 4 month ago.

Point #1 - foreigners can't own property - unless you're married to a nationalPoint #2 - you can own a condo - without being married to a nationalPoint #3 - you can Airbnb your condoPoint #4 - condos start around $38,000 upwards to $190K.I've toyed with the idea of offering a service to foreign investors as an American "with boots on the ground" to make sure their investment is properly setup. 

The reason you see agents driving new cars and wearing bling is because the majority of them have already retired from a previous career or are married to someone providing a steady paycheck.I have 160 agents in my market.

If you and your wife file a joint married tax return then that property is being reported on your combined schedule E. 

(250k individuals and 500k married--must be 2/5 years)?

I am sure you guys are filing married filing jointly now, so even after LLC, you would file the same.LLC just acts as the bridge, the amount of income from rental or tutoring will have same effect with or without LLC.