While the first spouse receives the deduction, the second spouse then claims that income on -  Schedule C - and pays self employment tax.It's the exact same result, but you've at least transferred some Social Security/Medicare over to the second spouse for retirement purposes down the road, so that's good.If you're looking to figure this out for being a landlord, then you just put everything on one Schedule E for property you own jointly.  

One owner fell and shattered her knee cap.

From what I've seen, known money is the first thing to be clarified.Than aside, everything depends on who's name(s) are on title and how they were put on (joint tenants etc).  

However, I read through the VA Lenders Handbook and found the section where it talks about Joint Loans.

@Mark HoDo a joint venture w the sellerYou want to offer the seller a joint venture agreement and buy it on subject to and get titleYou give a note for their equity in the JV agreement you agreed to pay after note in 3 to 6 monthsYou have title and then you sell w an agent pay the costs to sell with the agent pay the note off and hopefully you have a good JV fee as profit

There's been several threads dedicated to Joint Ventures and there'a variety of ways people set them up.

Assuming you file a joint tax return why complicate things?

For materials, that's the easy part, if the supply houses wont give me 60 day minimum, then I just move on to a larger one that will post 20 day notice and will agree on joint check agreement.

BP Friends, I am looking for some advice on creating a joint venture for a fix and flip with a good friend from college.

(e.g. lowes, home depot, lumber liquidators)  To generate your own knee jerk estimate, go price out all of these items w/ your square footages.