You should definitely get an LLC if you are going to form a partnership.

Every time you form a corp, you have to pay the annual fees.

There are three reasons, and ONLY three reasons to form a partnership:1 - Your partner(s) will/can do something you "can't" do....as in fill a void.2 - Your partner(s) will/can do something you "don't want to" do...if you don't want to do it, you won't do it well.3 - Your partner(s) will/can do something you "shouldn't" do....just because you can do something, doesn't mean you should.In this case, I don't see any answers to either "A" or "B"...yet.

Or how many of them simply put depreciation and equity predictions into the ROI pro forma.... 

As a pure guess, if you form a single member LLC, your wife could still be liable as she would "own" 50% of your equity in the LLC.

.$150 is never going to be enough to cover the incidental stuff that happens outside of your pro-forma expenses.

Probably do 2 week intervals for each tenant brought on as some form a quarantine.

Anybody have furnished rentals in the bay area and want to form a referral group of some sorts?

Most of the time if your LLC is in another state you will need to register it as a foreign entity (or form a new LLC), because you are transacting business in that state. 

Chicago is a city of neighborhoods.Especially on the South Side, things can change by just a matter of one block to the next.Out of town investors I find get blinded by high pro forma numbers that in reality never exists in many neighborhoods here.