The adding of title is not taking away the asset for a personal use, it is joining the asset for the couples joint use.As an aside, having her take title when you bought (and capitalized it) really didn't do anything even though it was her first house owned.  

Even though it's a partnership since we are the only owners the full basis would transfer to our jointly filed individual return. 

If it is husband and wife that are members there may be legal reason to do as joint members or  as a  single member.

Trustee must submit it to the lender - who knows - you might get lucky.Foreclosures can be profitable - but you are safer to buy at the auction - if you don't have the cash or a credit line - you should put together a joint ventures with friends or relatives - let them know what you are doing and how they can profit.

The way I would solve this is take title with wifey then convey to jointly-owned LLC in exact percentage as acquisition/LLC membership. 

Here are the phase-out ranges for 2018: For single taxpayers covered by a workplace retirement plan, the phase-out range is $63,000 to $73,000, up from $62,000 to $72,000.For married couples filing jointly, where the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range is $101,000 to $121,000, up from $99,000 to $119,000.For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple’s income is between $189,000 and $199,000, up from $186,000 and $196,000.For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.The income phase-out range for taxpayers making contributions to a Roth IRA is $120,000 to $135,000 for singles and heads of household, up from $118,000 to $133,000.

If your going to buy under 10 a year and not make it a business my recommendation will be to joint venture with someone.

Death of joint tenant filings.

I explained all that is going on to my wife, she may offer to get her real estate license, therefore we file taxes jointly and have a real estate professional... again, more reading to do.I would definitely be way over the $150K income exclusion for now, but am hoping to retire soon and drop my income to about $100K.

Here are some things to consider below.Kitchen pantriesSoft closing cabinets Dovetail joints - Adds a nicer finish to the cabinetry With a higher-end rental, you might consider a pot filler above the range The latest trend in cabinet colors and paints - you can use Pinterest for thisFloating Shelves - reduce cost and adds aesthetic to the feel (base shelves are more expensive than uppers)Functionality is key - Storage for plates, pots, and pans 12x24 tile flooring offers the best bang for the buck Splurge on the backsplash because it is very inexpensive to do adds appealDepending on the dimensions of the room, you may consider a smaller upper cabinetHope this was helpful BP family!