There is a very high level of trust here as we have done other deals with each other and on a joint basis also.

I never saw them chasing deals at 10 o'clock at night like I was or passed them on the road at 6AM driving for dollars like I was,  but I could always find them in a bar on Beale st. or sitting in a fried chicken joint spending money they didn't have on food they didn't need.It's just hard work.

Some options early on before the war-chest builds up can be partnering (Joint Venture) with an experienced investor you trust.

So we are new to the partnership side of things. We have managed our own 6 properties for over 10yrs and have engulfed ourselves in self teaching and research. We recently secured a property in hopes of finding a mon...

Do you file taxes jointly or separately?

These are basically deeds that state who the property will pass to upon the death of the owner.But in answering your question when there's a spouse living in the subject property (they may have held title as Joint Tenants) re-check the Notice of Petition and if there are other heirs/beneficiary's send your letter to them regarding the property.It's sort of like going through the back door if you will.

@Basit Siddiqi ThanksAs married filing jointly, you have a $500k exclusion, so there's no capital gain tax for you.However, because you rented it out, you do need to report the sale and pay tax on depreciation taken during these few months.

Purchasing the property with all cash was a joint decision, and a change in our plans based on what the seller was doing and the condition of the house- problems that came up after we started pursuing the deal.

@Nicole Richards Many of the answers you are looking for can be found here: How to Effectively Conduct Joint Venture Agreements as a Real Estate Investor596231-how-do-i-properly-construct-a-purchase-with-a-partnership591376-create-an-llc-for-first-partnership-best-way-to-do-so526244-taking-on-partner-s-and-limiting-our-liabilitesGood luck!

I assume they aren't married filing jointly... otherwise is does not matter.