If you live in Philly, you should know which are the go blocks and the no blocks.

I live in Salt Lake County.

Keeping the properties separate is mostly for the different depreciable lives and it wouldn't matter a whole lot when you eventually go to sell the property.

. - We have lived in the house more than two years

If you don't want to get your lenders in trouble, pick up a copy of Lend to Live in the BP bookstore for both of you to educate yourself on how to do it the proper way so that it's a true business transaction and not cutting corners just because you know each other personally. 

If your just getting started you may not be aware of the many advantages of being in business rather than just being an investor.Businesses enjoy greater tax advantages not available to someone that is just an investor.Businesses can offer asset protection.Businesses open retirement opportunities that are not possible as an individual.This is only a start.

I have a house close to Wichita Falls Texas and I live about 8 hours away from the property.

Do you know the city, know anyone that lives there, ever visited? 

I live in Garden City, Missouri, which is about 45 minutes drive from the property in Kansas City.The property is currently vacant.I own the home, have no loans or mortgages.

I have family in Raleigh, wife and I can't afford where we live in LA, CA so we're looking for an investment property elsewhere to get into some RE while we keep renting in CA, and Raleigh has that familial connection--who knows, maybe we'll move there but assuming we won't for this decision.