PS payments to contractors and other vendors require a 1099 for amounts totaling over $600.00 in 1 year. 

Most investment properties require 20% down ($80,000 on a $400,000 property) and you get 7.75% interest for a payment of $2,293.

However, I don't require a credit pull from a borrower to give a loan quote...I can just take folks at their word for that first conversation. 

Introduction: Real Estate Investing can be a lucrative venture, but deciding whether to go solo or form a partnership is a crucial decision that requires careful consideration.

No tax, no need to do a 1031, and no requirement to reinvest. 

I'm assuming the spouse is required to work for a legitimate business and receive either W2 or 1099 from that business, but is this the easiest route to take? 

That's the OTHER requirement that most commercial loans will need. 

Pro Tip: Make sure the laundry vendor names the property as "co-insured" and does not simply provide a certificate of insurance for the property's file Since laundry leases are "real property" leases a separate paragraph will spell out that the laundry lease conveys when the land is sold.... so any property that is sold while the lease is in effect will be required by law to assume it. - this is often times confusing for a new or amateur owner who may not be schooled in real property leases.

More than 4 units, if purchased via DSCR loan, require lower LTV due to the poor rent to value ratios.  

You could also look to switch to mid term during a slower season and that would require less money up front!