However,  if husband and wife want to do a partnership, they can elect to be "Qualified Joint venture", and not file partnership return. 

Then I would fix & flip the property.So, There really are only two options I can think of. 1) Find an "off market" property that you can take "Subject To, on a "Wrap", or a "Land Contract" or a "Lease Option and proceed with either Fix & Flip or Buy & Hold or sell to a Tenant Buyer (my favorite).2) Find someone on the mainland that you can Joint Venture with in a market your finances can afford.Either way, you have to start somewhere.

. , they will install drain tiles inside and also dig about 3 ft. down, around the outside of the house to seal any cracks and refill mortar joints.

The floor joints in the basement of the stair were supported by posts and wood headers that had deteriorated and repairs were recommended (reinforce joist connections).

Hopefully you made the contract joint and several.

If not, you may not qualify for a 1031 exchange and would be limited to the lifetime property appreciation of $250k or 500k for a married couple filing jointly.

The home needs extensive work that includes kitchen and bathroom remodels;  HVAC installation; boiler/baseboard heaters removed; plumbing work; and some girder/sister joints replaced. 

Four adult joint tenants.

I’ve been asked a few times to do a joint venture with other local investors who wholesale and wanted to know if a specific JV contract is needed.

He is well respected around this joint so you could definitely do a lot worse.I have not used this company just sharing impressions from my research.