I think you misunderstand what goes in the Capital Gains Tax bucket and what goes in the ordinary income tax bucket.

Careful, lots of misunderstanding and misinformation floating around on this.

Improved communication avoids misunderstandings. 

Insurance also doesn’t protect you from misunderstandings, especially those made in writing and email.

In fact once you make over $150k the allowance is eliminated entirely.Let me know if I am misunderstanding this or if there are ways around this.Kyle

@Don Alder-LaRueI am extremely grateful for your insight and did have a misunderstanding of the property type.

I think you're misunderstanding that.

There must be some sort of misunderstanding.

As far as his license is concerned, not all area require a license for heating, so people might be misunderstanding this, a license is required to work with the refrigerant gases used in Air Conditioning systems.  

This will help you avoid misunderstandings and ensure that you're both working towards the same goals.Remember, it's always a good idea to consult with a real estate attorney before entering into any joint venture or partnership agreement.