However, here are some random thoughts:If 60% of rental income provides sufficient retirement income, you can probably afford to do nothing :-) This has the added benefit of continued capital appreciation, relatively easy single family home management and tax free stepped up basis on first death.

They are more likely to work with you if you're of immediate benefit to them. 

The benefit of putting a property in your wife's name is for accessing financing later.  

@Brandon Crumpton - Great question and @John Thedford summed it up nicely.Yes, it's a double edged sword that enables you to take massive leaps forward and risks or can be utilized to the point where you overextend yourself and then being unable to sleep well at nights.Use leverage wisely and you will benefit from it's advantages positively.

If this is too vague I can try and go into more detail but just getting a rough idea if its been tried or if it’s even worth it for the tax benefits?

How do I benefit? 

Adding to, would I be able to receive tax benefits through real estate without having an LLC? 

My guess is paper losses were significant because the GP did cost seg to solely benefit themselves and the middlemen - most LPs are busy professionals, not real estate professionals, hence cost seg doesn’t benefit them but their money is nevertheless used by the GP for GP’s tax benefit.

@Kathy Henley you have a good point. the benefit I see is that I don't have to pay the interest cost and point etc. and on the slim margin that makes a difference for me.

Agree with Sam's points, but also communities with easy access to I40 on the North East side of Memphis could benefit as well.