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.

Right now you and your husband probably file a joint return and both of you are the tax payer for the property or rather the ssn that is used as the primary number for that joint return is the tax payer. 

@Kellen Driscoll I would use rocket lawyer, just type in joint venture agreement.

Our insurance provider just informed us that they will not extend our joint master condo insurance next year, because they don’t insure condo buildings where more than 50% of units are rented out and not owner-occupied (I don’t know why that is an issue for them).

She gives you the deed, you give her a mortgage, the title company should be able to put all of that together no problem.Yet another way to do it is to Joint Venture with the seller where you split the profit above a certain amount.There should be several options for borrowing the money for the rehab.