We just sold our house and have very little debt (only student loan) and are living with family. - We have roughly $150k in the bank- only student loan debt- currently 2 sfh investment properties Where would you start or go from here next?

If not that would be a priority for me-pay off the highest interest rate debt first.Some of mine is 'live off' money. 

You spent a lot of time & effort on rehabbing an upper apartment that I assume will pay higher mkt rents but get to enjoy the smoking as it permeates through the building & the dog howling.You need to eliminate this nuisance & then rehab that apartment to gain yet higher mkt rents.

If you buy the rental in your name this will have an effect on your debt to income ratio.

Currently, working on debt removal (everything except the mortgage), learning the math, and breaking down deals. 

All non purchasing spouses obligations on credit are included in debt to income ratio of FHA.

This in theory would allow me to make more appealing offers on deals and eliminate a lender on the front end, when negotiating with the seller.

If debt wasn't a thing that favored personal ownership, the conversation wouldn't be happening.For the time being, you'll want to assess your personal risk tolerance, financial situation, and tax situation. 

Question for BP... would you DIY finish your basement, costing $20k on 24 months no interest financing and adding roughly $50k to your homes equity, or spend those hundreds and hundreds of man hours instead building your real estate business with an end goal of being able to leverage $50-70k to put down on a multi fam property without having to go $15k in debt to create equity, but having no guarantee you'll make it as an agent.

My question is is there a way to show a potential lender that in fact my fiancé does pay half so my debt to income ratio reflects reality?