Hi there,
On the question of whether you (and your wife) still own the property after you have wrapped it- the title remains with you until your buyer has re-financed out so if your wife's name is on the original contract when you bought it,she will be entitled to half the proceeds of the income that it is producing.
On the question of whether to disclose to your lender or not whether you're doing a wrap when going for a loan-When we were running the Vendor Finance Association of Australia a few years back,my partner Jack did a survey of the various lenders,both 1st tier and 2nd tier,and found that they prefer that the loan was just disclosed as an investment loan otherwise it would required months of deliberation because it would have to be sent "upstairs" to their legal committees.
As was previously stated,if you're running it as a business and going for loans as a business it's different, but you do need to build up a business record and have a business plan first.
Cheers,
Tamar