Park City isn't as safe in my opinion as there are quite a few hotels under construction and a decent amount of nightly rentals.Happy to hop on a call and give you some more information about the market.

Read IRS Publication 523 on Sale of a Residence. 

Typically when you sell the title company requires forms to state if you are foreign or not, your ID, and they want to send 15% or 10% or (20% for long term) to the IRS at closing.

Such an agreement should detail how rental income and expenses will be split to avoid discrepancies and comply with IRS regulations.It's essential for both cousins to adhere to IRS guidelines, which require accurate reporting of rental income and expenses based on ownership percentages.

If I go this route what steps should I take to makesure this is carefully structured as I am not trying to get into issues withthe IRS?

Be sure to speak with a tax professional about the IRS requirements of this as you also don't want o violate the mortgage occupancy requirements.DM us if you'd like to chat about all this in greater detail.

The Section 121 Exclusion helps you avoid capital gains taxes.The IRS classification of income as a "Flip" for Real Estate Dealers is based on a few key factors including "frequency" and "intent". 

I would love to hop on a call with you to discuss lending options for your future projects, because financing your properties to the best of your ability will greatly benefit the profit of your projects.

Since it would be your “primary” residence one would be renting out, I would be surprised the bank/IRS would allow you to purchase a new “primary” home.  

If the IRA fails to pay property taxes or insurance bills - you are then personally responsible, which would be a violation of the IRS rules.