If you bump up your rent to offset the amount you WONT get from the tenant the missing contribution from them should be moot. 

It seems like most people are wanting to go the other way to make leveraging simpler and contribution limits higher.

So if half the income goes to a partner personally and the other half to a S-Corp partner, then no diff - I AM NOT A CPA OR TAX PROFESSIONAL ASK ONE BEFORE YOU DECIDE ANYTHING.Reason I like S-Corps is you can bump the benefits (eg retirement contributions) as long as all employees are treated equally. 

I'd also say use it to juice up your retirement and medical (HSA) pre W2 contributions which is what wife/myself do. 

My monthly expenses are $4500, my monthly income is $5000 after taxes/contributions, my wife’s income is $4500 after taxes/contributions.

There are other more important factors that contribute to building a good credit.Debt/income, credit use, credit history, payment history, credit age, etc. 

Account Name Account Type Property Sales Income Income Rental Income Income Interest Income Income Security Deposit Income Income Property Sales Expense Expense Acquisition Expense Expense Rehab Expense Expense Property Management Expense Insurance Expense Property Taxes Expense Marketing Expense Training Expense Utilities Expense General Business Expense Expense Legal Expense Interest Expense Expense Banking Expense Expense Licensing Expense Expense Security Deposit Refunds Expense Maintenance & Repairs Expense Depreciation Expense Capital Contribution Equity Owner Distribution Equity Thanks in advance for your ideas and suggestions.

You just contribute property and book your asset and capital accounts at your LLC level. 

First off, thanks to everyone for contributing.  

Are there any other factors I can help contribute with purchasing the home but also lowering mortgage payments?