I would highly recommend signing a Joint Venture agreement that spells out exactly what each of you are responsible for and how the profits/losses are split. 

I am married with no kids and both my wife and I file jointly and claim "0" for our W4 as she works as a teacher.

I am married with no kids and both my wife and I file jointly and claim "0" for our W4 as she works as a teacher. 

Community property laws generally make all property acquired during marriage and all money earned during marriage joint property/money.

I would have them both apply separately, and if they are approved, sign a jointly and severally liable 12 month lease with them.

Research life estates and joint tenancies. 

However, I am a member of several different companies organized as Limited Liability Companies (LLCs) where members invest in a project (Single Purpose Entity) or projects (like a real estate LTH company) jointly, similar to (but different than) what you may see in a syndication or investment club investment.

He sells the home and temporarily parks the money in his joint checking account.

Master bedroom had a low points ranging from -0.7" to -3.5""The house has experienced settling of the foundation""It is my opinion that the foundation remains structurally sound and re-leveling is not required at this time.During our inspection of the home we came across the following:Noticeable sloping when walking around.Buckling hardwood floors in the master bedroomCracked and delaminated tile in the master bathroomCracked bricks and mortar joints on the exteriorHome inspector said there is definitely evidence of foundation movementPermapier came out to provide a free estimate and evaluation and suggested multiple piers along master bedroom as well as some other areas of the home. 

Ultimately, though, I need to understand that my wife and I are in this together as joint partners.