If it’s just you and a few other partners, what you probably want to do is have a professionally created operating agreement that governs the operation of the LLC formed for the joint venture.

If they are all jointly and severally under one lease then... one for all and all for one and they need to work it out amongst themselves and they are all responsible.

Generally, if you have lived in the place for 2 years of any 5 year period you don't pay capital gains on the first $250k if single or $500k if married filing jointly. 

Joint venture and get all necessary approvals to build highest and best use of the land..

I did martial arts in San Diego for a long time but was long "retired" (a little early due to a knee reconstruction) by the time of your injury and did not hear about it. 

or do you have to make it official via a partnership or joint venture? 

How as a new investor are you able to come up with the down payments that are required once you have a home already in your name (jointly),  as 2nd homes and investments home require so much down and a higher rate.

After standard deduction 24,800(married filing jointly), I have a negative taxable income of -24800 which is same as 0, meaning I don't get any bonus points for having large negative income.

I know many agents who sell OREO and its common for them to know nothing about the property and tell you that up front .. thats where the deals are.. the advice to just run because an agent said that is not good advice its knee jerk reaction.  

No “elective” surgeries, you know knee/hip replacements, pacemakers, organ transplants, all those things people do for fun.