Since we have zero income, I'm not inclined to pay a CPA several hundred dollars to do our taxes, so I'm trying to do it myself. 

Joint ventures don't require separate filings (each owner reports his or her share of their own Schedule E); general partnerships do (Form 1065).Since your intent is to eventually incorporate and form an LLC for the property, my inclination would be to file a partnership return under the assumption that you and your partner have a general partnership and not a joint venture, but it could technically be done either way.Once the LLC is formed in 2018, you will have to file a partnership return.

Being raised near Winmark in Port St Joe this has been “up and coming” since I was in high school and we are talking 18 years ago.I was just there visiting my parents and I do see some more houses going in there and maybe the popularity from the hurricane has brought many investors but I still know what it is like there come August-Feb (ghost town) and that is why I personally haven’t owned anything (yet) back home for short term.Now I could be wrong and the money is good enough to offset all the slow months.Just giving my perspective as I would be more inclined to buy something in Panama or Destin where there might be more foot traffic if I had to pick between them.

If you ever find yourself inclined to delve deeper into real estate discussions, I would be honored to connect with you over a cup of coffee.Best regards,Aaron Ziegler

You can pay someone to do this work or you can do it yourself if you are so inclined.

If they have a property report I am more inclined to go after the home. 

But there are things going on all the time for those inclined to do a little research and planning.

My first inclination was to avoid portfolio owners, but perhaps this is due to a lack of experience. 

If it was going to be a STR I would be more inclined to fix but get a pool company out to estimate.

IMO flipping is a business, if you're inclined look into running a business & this may help. 1) Yes, in what order?