A lot of small-town feel here with a focus on shopping local and healthy.

I was driving around our new office looking for a donut joint. 

If you and your wife are the only members of these LLCs and file a joint return, the IRS is inclined to disregard them as separate entities anyways, so my previous point about corporate tax benefits would be moot, as all activities of these LLCs would be captured on your individual tax return, not a corporate return.If you haven't done so already, it could be worthwhile to explore this with a hired tax pro so you can get into all of the details of your situation to determine what truly is most tax advantageous for you.

We want to begin acquiring rental properties under a joint LLC that we both go 50/50 on.

That's a pretty healthy budget for a variety of property types across Phoenix Metro.

I have heard  the norm on PM fees being around 30%.I that is the norm for your area then you should be able to build a healthy business.Try calling a couple of PM companies in your area and see what they say their rate is and what that includes.

Since I am newish on this business I will love to do joint venture.

This means using keywords in your page titles and descriptions, mobile friendly design, and a healthy blend of inbound, outbound, and internal links.10.

Maybe think about relocating that palm tree ;) Numbers look healthy if you can pull it off.

She has a 3 year old kid and has a 2 months old baby..this water situation definitely cant be healthy for any of them .