However bandit signs are not "legal" in my area and they are one of the top advertising methods.. 

But I think there's a way structurally to make the allocations easier.When you sell a split use property the allocations are not always clear such as when you've used part as a primary residence for a period of time and then change the allocations, use and duration. 

We have it under contract, contingient on structural inspection and survey.

What method (Cash-out refinance, HELOC, or Sell), do you utilize to continue your investment strategy when you have equity.

Complete exchange all is well.The problem with all forms of reverse exchanges is that the relatively complex structure causes them to be relatively expensive compared to a regular exchange.

I have informally impaneled asked a "board" to advise in the structuring and development of this business opportunity.I am developing the marketing materials from a very good template.

If the partners agree to specially allocate one item (for example, capital gains) 80/20 for economic purposes per SEE safe harbor, the corresponding tax amounts must also be allocated 80/20.However, IRS has a framework that can reallocate the partnership items based on the “ partner's interest in the partnership” if IRS determines the method of sharing the partnership items lacks the “Substantial Economic effect” (SEE) To meet the SEE, there are strict rules to maintain meaningful capital accounts including Deficit Makeup Requirement for those accounts.With the requirement, the partner must at some point contribute sufficient capital to eliminate the deficit, and the partner has the burden of the loss that partnership has and the allocation of the partnership will be respected by the IRS.This is a very high-level summary of the rules and is not comprehensive. there are many exceptions as well.Since the substantial economic effect, safe harbor allocation rules are complex and requires considerable additional recordkeeping, it's easier to follow PIP standard. 

It depends on the amount of work you need to do to the structure. 

We could try to structure an offer contingent on the certification but I don't think the sellers would be willing to wait.

It is also great that you are using BP and other sources for learning and researching methods and techniques for investing in real estate; definitely keep that up.