If you owned the house for 2 out of the last 5 years and lived in it in 2 of the last 5 years, and your profit did not exceed 250K (if single) or 500K (if married filing jointly), you will not pay capital gain tax.  

Our offer is either as a consultant, or we can look at a joint venture.

After closing, myself and brother (his children) are quitclaimed and added as joint tenants (lender is fine with this).

Also, each joint venture will be different.

In one breathe you do not want to be a sponsor or managing member but in another you are not wanting to be a passive investor in a larger syndicate.It sounds like you do not want to to work for the yield a sponsor gets but want more return than a passive investor gets as standard investing in a syndicate.Sounds like you are looking more for a joint venture arrangement.Brian Burke is out that way and a member on here and he does large multifamily syndicates.

This can spare me a lot of head aches and surprises in the future.

We live in Oklahoma and file a joint return.How do we set this up to avoid paying self employment tax on the rental llc return?

For example if I'm doing a gut rehab and I'm taking measurements for a bedroom I would like to know how much insulation, sheetrock, joint compound, trim, baseboard, paint, etc I should buy.  

Does anyone know or have a template for joint venture contracts specifically tailored to co-wholesaling?

Another suggestion made to us is that if we (husband and wife) in joint tenancy own the membership interest of the LLC (instead as 2 individual), would the LLC be considered a single member LLC and thus become a disregarded entity?