Let me start by saying I’m not a cpa so this isn’t tax advice, go consult a cpa.From my understanding if your AGI is above 100k they start phasing out how many losses you can take (capped at 25k if you make under 100k), once you hit 150k then you can’t take any losses.The only way (I’ve seen) around this (assuming you’re married and you file jointly) is to have one of you be a “real estate professional” which means you spend 750 hours a year working actively on real estate and that you don’t spend more time than that on any other job.If you meet that criteria you can take unlimited losses and use that to offset other income, so in theory you could make say 300k and show losses of 350k and pay zero income tax.

My plumber also found pipe breaks inside a wall that I never could have seen.One thing I found, the baseboard heat tends to pop at the joint from the pipe to the fine and tube.

@Jacob Barnhart{Note:  I am not a lawyer and I do not even own a TV ;-) }If you purchase the house as Joint Tenants (which is how most couples would purchase their primary residence), then you jointly own the house.  

I would build a knee wall 16" O.C. all the way across on each side with top and bottom plates.

Also you could put the property under contract to purchase as principle, write a joint-venture agreement with wholesaler that discloses the split (reviewed by an attorney), then assign your interest in the contract to the buyer for the assignment fee.

How are joint ventures setup, what document is used to make sure you have rights in the deal?  

The deed shows the aunt and the nephew as joint owners.

Finally, joints are 'weak' spots so dovetail & screws are better then glue and staples.Make sure you are comparing apples to apples when looking at different cabinets.Picking counter tops is impacted by the tenant class you are targeting.

They are both on the deed as joint tenants. 

If the Borrower moves back to the original area, the Borrower is not required to live in the original house and may obtain a new FHA-insured Mortgage on a new Principal Residence, provided the relocation meets the two requirements above.”Increase In Family SizeAn exception may be approved include increases in family size, or a borrower who is vacating a jointly owned property.