I'll definitely check with you when the need arises.

Why don't you use a trsut instead, the trust can be done for estate planning issues which will keep things as they are, there are no due on sale issues with transfers arising from estate planning.

In addition to all the misconceptions you may each bring to your business you will have to deal with all the problems that can arise from a poor partnership.

If you constantly refinance out your equity in a rising market, and then use that equity to reinvest in the same market, it is not too dissimilar to selling your properties, taking the cash, and then rebuying into the market at the current market rate.

Honestly, I doubt it will come up with him, but could arise in legal review.    

In my state if your wife has no ownership[ in your properties and does not participate in running them she will not have any liability to claims arising from them. 

Transfer complications can arise from starting your LLC after the purchase, along with the drag of updating your insurance policy once the property is transferred to the LLC.

No, I'm sure you're not.Title insurance coverage for the insured lasts forever, claims can arise after you sell it and you'll be defending title issues to any future owner. 

This growth has led to increased property prices and a rising number of people moving to the city for job opportunities.

Not to mention, with a rental property, your liquidity will be zero to none and when a problem arises, that $40,000 will have already been utilized as a downpayment on your property.