I would imagine the LLC will have its own EIN, but we will still report the gain/loss as pass-through income on our joint tax return.

Ultimately it was sorted because I clarified they legally had a joint responsibility to pay the total rent and there wasn't even an option for "half" the renters to pay late.

**Joint Venture Agreement**: If you are partnering with another wholesaler or investor, this contract outlines the terms of the partnership and how profits will be split.

Equity Partner (Joint Venture): You find & manage the flip, they fund it—split profits 50/50.

Nope I do not intend to do any business of the lending variety in Vegas I only do joint ventures there. 

We specialize in joint venture transactions, collaborating with both seasoned and new investors.

I or a partner have done at least two of his boot-camps over the years, including his land & commercial property which helped us buy our first three land joint ventures-with-the-sellers a few years ago – never has there been subsequent illegal charges, but I do read thoroughly the agreements and immediately notate in my day-timer the required termination date for any company’s teaser or rebate.Again, I empathize with those who had bad experiences with any company’s or guru’s teasers, but I’d suggest rather than avoiding teasers and rebates, take advantage of them!

Then bought my own deal the following year 37.7k sq ft warehouse on 4 acres in Plano.Been buying industrial for last 6 years.I think your plan is right, I'm a big proponent of joint venturing on commercial deals.

Fannie Mae will allow you to transfer the deed to an LLC if you decide to try to go the conventional route, but the loan would still be in your names and you'll need to pay a title company a second time post-closing to do this  for you. 3) I can't speak for the area so no comment there4) If you're self managing, make sure you find vendors you can trust in the area since you won't be able to easily verify if an HVAC guy, plumber, etc. is trying to rip you off and tell you to buy something you don't actually need. 5) Make sure you have clear alignment of goals and a clear operating agreement that spells out what to do if those goals start to not align in the future since you'll be jointly obligated to these properties. 

Fill with joint compound and use your old paint for touch up.