I have 1800 Account for my investment property. 

I sell tradelines.

You run the risk of the IRS classifying the property as 'personal use' if you rent the property for a lot less than FMV.

My partner and I are looking to invest in a property along Hudson Valley (BRRR) and are building a team in the next 1-3 months.

I'm hoping to make an offer to a retiring friend who has a house to sell. 

Has anyone established a company (llc or other) to manage your own properties?

It allows a substantial portion of the asset's cost to be deducted in the first year of service.In 2023, the bonus depreciation rate is 80%.In 2024, it decreases to 60%.In 2025, the rate further reduces to 40%.COST SEGREGATION:Cost segregation involves dividing a property into its individual components for tax purposes.Some parts age faster, like carpets or paint.Your CPA can use this info to more accurately depreciate elements of your property leading to potential tax savings.BASIS:Your basis is the initial price that you paid for your property, including any expenses or improvements.Knowing your basis is crucial for tax purposes, as it's used to evaluate depreciation & determine the capital gains or losses if/when your property sells.LAND VALUE:This is how much your land is worth without any buildings or improvements.Land doesn't get old like buildings, so you can't depreciate it.

The wife was the partner and the husband was going to serve as property manager/maintenance guy.

https://www.biggerpockets.com/forums/925/topics/1080912-is-m...Also you can contact Property Management Companies which Manage MTRs in the states that you are interested in and they can be of help, also local realtors who are investor friendly and know the lay of the land.Example  https://www.biggerpockets.com/forums/925/topics/1129689-mtr-...

Great to hear that you’re focusing on small multifamily properties as a starting point; they can offer great cash flow and help you gain valuable experience as you scale into larger investments.