If we sell the unit now, it is still considered a primary residence (lived there for 2 out of the 5 years preceding sales) which will exempt us from capital gain ($250k for single; $500K for married filing joint).

Personally, I don't like long term partners, but I love shor-term joint ventures.

I just did one for a Joint Venture client at https://www.biggerpockets.com/forums/600/topics/58...and you can kind of get a feel for how it is done.

This would be the case if they're all on a jointly and severally liable lease.

Looking to work/collaborate/joint venture in real estate investment company in San Jose, San Francisco bay area.

I can't speak for Chicago specifically and not a lawyer but in most juristrictions, the fence IS placed on the propety line and there IS joint responsibility for it.

One person can bring the money and just act as the lender and charge a percentage/points upfront as well as 25% of the profits.Always make sure your are signing an official agreement (Something like a joint venture agreement) that details EVERY possible outcome.1.

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 seasons flippers.We found the flip house and have been getting calls for other properties we are currently looking tying to get in the view a 5 unit, the owner however doesn't want his tenants to know he's looking to sell. 

Their joint income is approx $165k per year and very stable.

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.