@Dan N.These types of strategies is like building a conveyer belt between your home and your neighbors in order to borrow sugar from your neighbor instead of just walking there, knocking on the door and ask for sugar.Making these overly complex strategies for real estate really adds zero benefit and just costs you extra money in the long run.May I ask why you need such a complex structure ?

The reason I say could is because your current income, tax situation, and real estate investments can dictate if buying real estate might benefit you.

Like everything else that has potential benefits, it is badly overhyped and misunderstood.

If you're just seeking an agent for flips, then I'd check out Premier Point Realty & Homestead both heavily equipped with experienced agents and many who are seasoned investors themselves which comes with its own benefits. 

Therefore, while it's not the wife's homestead, she gets the benefit of it being her husband's homestead. 

Either negotiate a good price or only pick upgrades that's necessary in the rough phase and do the upgrades with your own subcontractor/vendors after the house closes (kitchen upgrades, appliances, countertop upgrades, flooring upgrades, landscaping upgrades you can get them much cheaper without going through the builder).New construction is a winner if all things are the same. 

If you are looking to use it you probably see it as a solution that produces specific benefits.  

Moreover, you have much higher overhead than most experienced investors.In a REIT you are missing out on all the tax benefits. 

I don't think this is a good idea for the sole fact that you intend on selling after his passing.Once they pass (which I hope is a long time from now), those who inherit the house will benefit from the step up tax basis, meaning the net proceeds could be TAX FREE.

It may be a mute point depending on the tax benefits that you uncover.