Thank you all in advance!  

Hi all - I'm married with one child so far, in my mid-30s.

Also for those with section 8 experience, how much work is usually needed to pass inspection, how long is the property usually vacant for and where can I find assistance for the steps along the way and all the paperwork.  

Some cities worth considering right now include Tampa, Charlotte, and Austin—all experiencing growth and increased demand for housing.

Trying to avoid at all costs having a space that is empty on day one.

It sounds like you are mashing a lot of different things together here.It does not matter at all if you have an LLC, or if you, or your wife is the owner - it doesn't change any of the tax positioning in the slightest.The test to be a qualified Real Estate Professional is at least 750 hours in real property trades or businesses AND  over 50% of your professional time. 

Thank you all in advanced!

Here's what I am considering brother passed away about 9 months ago I am his executor.i have sold all of his property except a bar be owns outright.

For wealth generation to me its all about appreciation organic or forced.

All the while, that tenant thought they had a rent-to-own or seller finance deal set up.