If the partner will be receiving part of the profits, you could both be in the LLC or you could be Joint Venture partners which is simpler for both of you. 

I look at the vehicles, are they 20 year old economy cars on their last legs, or are they newer vehicles that people are making payments on at a legitimate car dealership vs a buy and pay here joint.

@Diego A.If any investors are passive, you need to setup a syndication since it is a security.If all of the investors are active, you can setup a joint venture partnership. 

Your sibling can either take the cash for their 30% or they could do a 1031 of their own.If you and your wife file a married joint tax return then the IRS sees you as the same taxpayer. 

There are some other extenuating circumstances that allow one to use more than one FHA loan at a time:- Relocating to an area beyond reasonable commuting distance to your current residence or affordable housing is not available - Leaving a jointly owned property to buy a home, and co-owner (such as divorce) plans to remain in the home.

Joint Venture / Partnerships. 

every joint venture is different .

My mother and brother went together and jointly bought a property using a SDIRA LLC each. 

You can extend that lease if both parties want to continue the joint venture. 

I find with time, they always leak, as the joints just don't stay sealed as well.