However we are wondering what, if any, tax benefits may arise from putting both of our wives on (or leaving them off) and splitting things in 25% increments?  

Arkansas looks promising, mainly the Little Rock area. 

The main thing is the effect on a percentage number when a vacancy occurs. 

I agree with the above mainly because your investing in a cookie cutter property at what appears to be a mature real estate cycle.  

If you want to live in the house and title it in your name you get tax benefits upon sale (if occupied 2 years as your primary residence 250K if single and 500K if married) gains are tax exempt.

That’s the main reason I don’t use this Calculator.If you go back to review your report you can scroll down past where it says Calculator Report; Download, Edit, Discuss, Other.  

List of items to be done - (inspection next weekend)HVACAir Conditioner addition to current forced air furnaceElectricalGarage door motor to 1 car garage door Install recessed lights in living room, and new light fixtures in bedrooms, living rooms, kitchenReplace light switches/outlets to square plastic whiteFlooringRemove carpet, tack boards one main floor and top floorInstall vinyl plank flooring throughout main floor Same baseboardPaintingPaint all wood trim whitePaint kitchen cabinets whitePaint all wallsStructuralRemove half of kitchen wallSliding door for half bath on main floorKitchenReplace kitchen counter top, and match bathroom vanities with sameReplace kitchen sinkReplace appliances with stainless steelBathrooms Replace countertops with same kitchen counter materialGeneral workInstall window blinds on all windows

We still have a Pawn Shop at the Main St corner downtown and the fireworks vendor hired for the 4th of July extravaganza dropped the ball and cancelled the show (luckily we blew stuff up in our own street), so we are no Downtown Winter Garden yet, but headed in the right direction. 

I have thought of several of those things, And several I haven't, but the main thing is the partner will basically just be a "Lender" and I will do all of the grunt work.  

Are you mainly focusing on wholesales at the moment?