I'd also take joint title or own a LC that each of you are a member of or have an ownership LLC that you own 100% that takes joint title. 

What's holding me back at the moment is that my sister and I own the property jointly through our separate SDIRA accounts and I'm not clear on how complex the move would be and how long it might take, how much longer we'd need to have the property vacant before getting all this set up right...Not sure, for instance, whether we'll be able to move the property with the same owner percentages into the LLC.

If there is more than one borrower, they agree to be jointly and severally liable. 12.

Whether you or your wife claim the income doesn't really matter, I assume you are going to file Married filing jointly so both incomes are combined.  

There is no such things as joint IRA, each spouse has to have his/her own IRA.

@Thomas ChristianThere are those in the tax law realm who will support such a joint venture transaction.  

This way we could still write off the 25k since my income is above the cut off.And does the 150k AGI level apply to married couples filing jointly?

Funding each other and working together on joint ventures.

A flood caused by plumbing joint not properly put up, denied.

Such title may be held by the entireties, jointly, or in common with others, and the exemption may be apportioned among such of the owners as reside thereon, as their respective interests appear.