And consulting with a local attorney to ensure compliance with state-specific real estate laws, plus making sure you have the necessary permits, is a smart move.As you start, also look into state-specific rules regarding contractors and renovations, especially if you plan to flip in different states from where you reside.

Quote from @Kandice Morgenstern: I recommend you consult an attorney.

Have you consulted with lenders to discuss your budget and options?

Consult with a tax advisor or attorney familiar with both partnership law and real estate to ensure compliance and minimize tax liability.Once under a TIC structure, 1031 exchanges for individual members could allow them to reinvest proceeds from the sale of properties into new ones without triggering immediate capital gains taxes.

Make sure to consult a financial advisor if necessary and also consider reaching out to your local credit unions.

As I'd imagined, it seems like there are no hard-and-fast ways that a deal must be structured, but rather there is room for flexibility depending on the situation, and in any case consultation with experienced professionals at every level is key.

Did you consult with them on what to do?

@Vidit MainiYou should have a consultation with a tax accountant to learn about tax strategies. 

Spend the $25,000 on a deal not a consultant.

Obviously, I'm not a lawyer and should consult with one before.