I’ve gone through the process myself here in Baltimore County without the use of a lawyer and found it pretty straightforward but again I’m sure it varies.I respectfully disagree with anyone who says forget about it and move on.

(If not - then it's a major mess, best left for professionals to untangle.)Under this scenario, here is how you should have handled the sale:From the sale proceeds, reimburse each other for your respective contributions to the closing costs.Whatever is left - split 50/50.For taxes, each of you will report half of the sales proceeds, adjusted for the combined closing costs.If you can go back and do it this way - your economic parity will be intact, and so will be your tax reporting.

I respect this.Some wholesalers I have dealt with dont seem to have it all together.  

There is so much more that needs to be considered if you care about preserving family peace and protecting your respective investments.And how exactly do you calculate profit to split?

I have a lot of respect for this site and I want to thank you all for the information that you are putting out there.

I have two questions I need help with.First question - Each one shows a positive monthly cash flow on their respective reports.

@Tarcizio Goncalves  If you genuinely respect peoples time and ask for help, they are willing to share knowledge.

It's my first post, by the way... so forgive me if I didn't post this in the correct area.To those of you who responded in a respectful manner, giving sensible and practical advice: thank you.

Its been a great place to operate as long as you make sure your guests are respectful to the neighbors etc.

Manuel Lam If you are a business owner there are some pretty awesome retirement structures you can set up to reduce your tax liability now as well as to grow your wealth tax-deferred (which makes a huge difference over time than paying taxes on your earnings every year).Or of course you could just take distributions out of your business and invest personally without respect to the business.