As it was stated earlier in your thread gap funding only works if its based on joint venture, percentage or participation of some sort.

When I bought the duplex, it was under joint ownership, and sold through a court appointed commissioner.

Both of us go on title  and we jointly own our LLC.  

Hi BP!I just completed my first JV and was payed a small sum from another wholesaler. My question is:For tax purposes, do we need to record a Bill of Sale-type document for the amount that the other wholesaler paid me...

Definatly looks like manufactured home dry wall without the joint strips. 

@Kevin KiteIt is a dilemma for sure but one way to fix it is to make more money.A second way —I use my W2 and give my wife all the real estate income and deductions so on our 1040, filing jointly, we get the max.

(Thank you in advance)Here's the violations list:CN062024Failed to maintain parapet wall in good repair and free from cracks and defects. (13-196-530 and 13-196-641)North and South parapets , spalled bricks and loose mortar with ajar mortar joints .CN063014Failed to maintain chimney in safe and sound working condition. (13-196-590, 13-196-530(b) and (c), 13-196-641)North chimney spalled bricks and loose mortar with ajar mortar joints .CN069014Failed to maintain foundation in sound condition and repair and so it adequately supports the building at all points. (13-196-530, 13-196-530(a), 13-196-641)Rear basement areaway , peeling masonry coating on foundation walls .CN070024Failed to repair or replace defective or missing members of porch system. (13-196-570, 13-196-641)Rear two story wood back porch requires replacement with plans and permits .

If you buy the house jointly, in a trust, you can avoid a lot of needless complication. 

In order to prepare for our joint venture I am doing a live-in-flip in Rhode Island were my current job is.

I have better credit and income, however, so we would like to take the HELOC out jointly to get a better rate.