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). 

IMO the lower quotes aren’t always for inferior work and in fact are sometimes very good, small owner operator types like that if they work quickly and efficiently can get things done for cheaper, and having a general handyman that is good is invaluable. 

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

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).