@Danon AlbertI had an introductory consult with my attorney and confirmed he can help me set everything up as needed (LLC, lease agreements, etc), but he advised I meet with a CPA soon as well, then bring them both together for a joint meeting to confirm our strategy before setting anything up.

I switched away from Wells Fargo several years back, and I can't tell you how much my banking experience has improved.

You'll have to run the capex against rate of return, but be sure to analyze holistically, not just a one-off improvement.

Usually improvements are done by the landlord and negotiated into the lease.

The complicating factor is that I already own the land where the new property would be built, which would exclude any improvements from 1031 exchanges. 

Get into flips and into lending because if you lend, you're going to end up in a situation where you are in an asset that's improved as it's flipped because you buy, renovate, and flip.

Real estate is a great investment but it's gritty and required time and is stressful.For you I recommend buying a new build condo or town house and renting it out right away or being the financial partner in a joint venture partnership. any other model does not work with your minimal hassle/time/experience expectation. 

Our income tax return will be married filing jointly, so it doesn't matter for us if he gets 75% and I get 25% or I get 100% and he gets 0, but does it matter as far as the tax return for the LLC is concerned?

I’m trying to buy a home from my in-laws and there selling the home to me for 100k the house value is worth at least 200-250k or more, and I plan on making improvements.

Many capital improvements, improved appearance inside and out.