Also, make sure you and your wife are both prepared to live in a construction zone - it's tough on marriages sometimes.

I've been dating someone for 3 years now and we've been talking about marriage and having kids eventually.

It is like a marriage and can fall apart and get ugly if you choose the wrong partner. 

They say top two things that can end a marriage are having kids and doing a home renovation...

Keep in mind you are about to enter a 30 year relationship with that lender....that's longer than most marriages!  

Initially, from following the thread, I was under the impression that both my wife and I could take advantage of sec. 121, because we owned these properties individually prior to our marriage.  

I found the BP community many years ago, but still did not pursue my dream and the itch fizzled out as life's distractions got in the way with marriage, work and now a kiddo!

Make sure you and your partners write down expectations, who's doing different jobs, and what happens if you want to part ways.Each partnership is like a marriage, its built on respect and trust.

In other words, how to protect yourselves from each other.I recommend that you discuss as much what-ifs as possible and put them  in writing while nothing bad happened yet.Then sit down with a lawyer and an accountant to discuss the best business practices for your partnership.Partnership is a marriage.

I am 22 years old and approaching graduation for college and a year in marriage.