@Anthony Fontana Partnerships and joint ventures are tricky.

New construction costs can vary on several factors - land development, total sqft built area, on-site/off-site utilities, retention/detention area, covered/open parking, type of foundation and the list goes on.Do u have all permits from your City/County?

With lack of guidance and inherent truths about roadblocks and pitfalls, it may be fair to say that your path might be more so intertwined and twisted,Unmarked roads, no street signs, and U-turns are in your future. 

Pete,Ask 2-3 questions every time u have someone do work for u.  

This would either be living in a home that you can rehab as you live there (preferably for 2 years for the home gain exclusion so you never have to pay tax on the gain up to $250k or $500k if filing joint taxes) OR buying a multi-unit property and living in one of the units and renting the other ones (you can get conventional residential financing up to 4 units). 

Most of the residential zoning around there is U-SU-DX1, which allows for a new ADU build on any lot that's a minimum of 6,000sf. 

I went to Washburn U, so I'm very familiar with Topeka. 

The only solution I can think of is opening a joint bank account, placing our investment money there.

However,  if husband and wife want to do a partnership, they can elect to be "Qualified Joint venture", and not file partnership return. 

some contracts have a fee that says if u dont close on said closing date, it XX amount per day u til you close. you could also just say u broke the contract, keep the EM and DD and relist it.