Also keep in mind that when you are using leverage in an IRA you are not allowed to provide a personal guarantee, therefore the loan must be non-recourse.

In essence, there are two tiers of an entitlement and that entitlement is merely an insurance from the VA to any lender that they are guaranteed against 25% of the loan value.

Since your LLC is so new, with $0 of income, you’ll need to use your personal assets to guarantee the loan but just tell the bank your setting up an LLC to operate the company within for legal and tax reasons and they should be good with that.

That I guarantee you.

I understand that one/both of us would still have to personally guarantee the mortgage, but would there be any benefits (specifically tax benefits) to forming and holding the property in an LLC? 

I’m ready to get started but my wife is understandably hesitant as there are no guarantees.

An attorney will want a retainer of about $500 to represent you with no guarantee of success.

Whether or not that second party has any formal interest in the property, if that second party (totally unrelated to the SDIRA that owns the property) signs a separate cog guaranteeing the money, is there any problem with that?

I get the rest.Example with numbers: 600k 12 plex , we each put up 60k down, investors get guaranteed 9k every year and half the equity.  

@Sean S. some local and regional commercial banks will loan to an LLC but will still require a personal guarantee.