What are the tax/legal considerations of the LLC purchasing a house and my wife and I renting it from the LLC?

Structure your partnership on even draws - for example, if you are going to be a 30% partner, and you're going to buy a house for $100k, don't part with your $30k until they are simultaneously parting with their $70k.

I, too, want to learn more on this topic... structure of the agreements, typical terms/rate, who to have draw up the deal, etc.

I know WA is a little tough for cash-flow, so you wouldn't want to house-hack into something that won't even cash flow (now or later if you end up renting out your unit).For more general considerations based on your initial question--buy a house for yourself or an investment property--check out-https://www.biggerpockets.com/renewsblog/2014/01/1...But even if an investment property, you'd still want to double-check all of the numbers.

We then will draw up a general partnership/limited partnership agreement with him for this property.

Building a track record and systems on lower risk, single family deals to draw investors for larger properties.....this si still how I would approach it.  

Your note payment to her is $1,200 per month.She uses $600 to make her loan payments, and pays you the other $600 as rent for 1/2 of the house.This $600 is rental income to you, but you can deduct $180 as depreciation for 1/2 the house, and deduct 1/2 of the utilities, taxes and insurance.Work out the details with real numbers and then go see a Real Estate Attorney to draw up the documents, Warranty Deed With Vendor's Lien, Deed of Trust, Real Estate Lien Note, and Rental Agreement.Your only out-of-pocket expenses will be the legal fees and document recording fees.Your monthly costs should be about $900.I hope this helps.Good Luck.Say Hello to Mom.

Looking for some smart ideas on getting this done automated perhaps and implementing the system in my business.Thank you in advance for your consideration!

And so when I told him to draw up the contract with my offer I never heard back.

With a simple 6-plex, I was drawing over $500/door/month for years and that WAS worth the effort.Did I quit my W2 job?