Looking to work/collaborate/joint venture in real estate investment company in San Jose, San Francisco bay area.

I can't speak for Chicago specifically and not a lawyer but in most juristrictions, the fence IS placed on the propety line and there IS joint responsibility for it.

One person can bring the money and just act as the lender and charge a percentage/points upfront as well as 25% of the profits.Always make sure your are signing an official agreement (Something like a joint venture agreement) that details EVERY possible outcome.1.

So we stuck with the plan.Looking back I wished I got it even cheaper, but I can't go back and at this time we are in a joint business deal working on our first flip with seasons flippers.We found the flip house and have been getting calls for other properties we are currently looking tying to get in the view a 5 unit, the owner however doesn't want his tenants to know he's looking to sell. 

Their joint income is approx $165k per year and very stable.

So we stuck with the plan.Looking back I wished I got it even cheaper, but I can't go back and at this time we are in a joint business deal working on our first flip with season flippers.We found the flip house and have been getting calls for other properties we sent mailings to, we are currently looking trying to get in to view a 5 unit, the owner however doesn't want his tenants to know he's looking to sell but so far no luck for the viewing.

Also, how common is it for wholesalers to do Joint Ventures in Memphis, and is it beneficial??

@Anthony Fontana Partnerships and joint ventures are tricky.

This would either be living in a home that you can rehab as you live there (preferably for 2 years for the home gain exclusion so you never have to pay tax on the gain up to $250k or $500k if filing joint taxes) OR buying a multi-unit property and living in one of the units and renting the other ones (you can get conventional residential financing up to 4 units). 

The only solution I can think of is opening a joint bank account, placing our investment money there.