If not, I looked up delayed financing on the Fannie Mae site.The original purchase transaction was an arms-length transaction.For this refinance transaction, the borrower(s) must meet Fannie Mae’s borrower eligibility requirements as described in B2-2-01, General Borrower Eligibility RequirementsThe borrower(s) may have initially purchased the property as one of the following:a natural person;an eligible inter vivos revocable trust, when the borrower is both the individual establishing the trust and the beneficiary of the trust;an eligible land trust when the borrower is the beneficiary of the land trust; oran LLC or partnership in which the borrower(s) have an individual or joint ownership of 100%.The original purchase transaction is documented by a settlement statement, which confirms that no mortgage financing was used to obtain the subject property.

You will hear the term: JV which means Joint Venture and that is usually a great recipe 

If you and your wife file a joint married tax return then that property is being reported on your combined schedule E. 

When possible I even propose to do  joint ventures with PM's.

I am sure you guys are filing married filing jointly now, so even after LLC, you would file the same.LLC just acts as the bridge, the amount of income from rental or tutoring will have same effect with or without LLC. 

@Gabe Cole Have a lawyer draft a rock solid Joint Venture agreement.

@Aram Velazquez Our primary house has only me on mortgage yet when getting investment property on my wife’s name, lender considered her responsible for 100% of Insurance and property tax (because title is in our joint name).

Plus one of the benefits you'll be interacting with lots of people - sellers and buyers and may by chance come across your future partner to jointly buy MFH.  

Joint ventures6.

It was the real big flip project for us this year and especially important one because I had joint venture with new investor who came to know from Bigger pockets.