Quick example, if you are single and lived in the house for 6 months (1/4 of the 2 year requirement) you get to exclude up to 1/4 of $250k ($500k is married/joint return) or $62,500.....so, your Full gain could easily be exempt.

Hello fellow members,Is there a general rule of thumb for structuring JV deals? Lets say a land owner wants to enter in to a JV deal with a developer where the land owner only wants to contribute the land as his inves...

I figured adding an addendum to the lease to add him as a tenant with joint and severable liability would be sufficient, but I have no experience with writing any addendums yet. 

You are renting one house; all tenants are jointly and severely liable for the rent.

@Ron Singh,A few things...1) Does your lease say that all lease signers are "jointly and severally liable" for all conditions of the lease?  

I read more & thought more after my post and could likely avoid capital gains all together since I lived in the hole most of the past 5 years and make less than $500k when filling married jointly - this making me eligible for the personal residence exemption.

Insurance is under my name with joint interest of LLC.The insurance agent told me to buy it under my name and put joint interest as LLC.

It would be better to replace the plywood and the floor joints but thats a lot to.

@Dylan Mitchell You could consider arranging for joint green waste (or recycling) service with a neighboring property, depending on the situation. 

very tough to do right now. there was a wholesaler over in Salida LA who posted about spending 10k on direct mail finding many leads  NONE would work for flippers and referring them off to an agent who then listed and sold them and of course the agent cannot legally pay a non licensed agent a referral fee other than a cup of coffee.. so there you have someone spending 10k thinking wholesaling was the bee's knees generating market leads which are the vast majority then giving all that away and not making a dime..