Otherwise you might have to go a Joint Venture or Equity Partner route.

Joint venture with someone with cash or credit and you locate the deals and let them stroke the dough.  

@Jeremiah Hilliard, if you owned and lived in the home as a primary residence 2 of the last 5 years, you have a capital gain exclusion of $250k (gain) if you're single and $500k (gain) if you're married filing jointly on combined lien amounts up to $1.2MM on a primary and secondary residence. 

#3b: Have you formed a legal business entity together, secured a FEIN together, opened a joint bank account or other legally binding business activities? 

Should we form some type of entitiy (LLC) or just do a joint venture since this is our first flip.  2.  

Should we form some type of entitiy (LLC) or just do a joint venture since this is our first flip. 2.

This would be a good way to find a buyer quickly.If all else fails, you can always do a joint venture with another wholesaler and split a portion of your profit.

My dad & I are considering entering a joint venture with a good friend of mine who is an experienced contractor.

Hello BP, I've tried this post on another forum; no response, maybe I was in the wrong forum:  My dad & I are considering entering a joint venture with a good friend of mine who is an GC. 

If your AGI (individual or joint) is under $100K, you can use up to $25K in passive losses to offset other income.