Agreeing to split the profits," which are currently uncertain and variable, is very different than "I'm contracting you, my son, at a fixed contract rate to rehab a house I'm flipping" and the corresponding tax treatment that follows is very different.Agree that the OP should speak with his CPA to clarify the original intent and goals. 

Heller is an influential member of the Senate Finance Committee and has pledged to attach the bill to a larger piece of legislation that is moving through the committee. 

That said, a quick tip for DIY parts replacement if you choose to go that route... if you're uncertain about what is wrong and opt to replace parts as the process of diagnosis, start with the least expensive part first and don't un-package the control board until you're absolutely certain you'll use it, as electronic parts are often not returnable if the package has been opened.Good luck!

It was probably suggested by an apartment-dweller and legislated by people who have their staff members or their brokers take care of domestic matters, such as a home sale.

I was really uncertain and now I can move forward confidently! 

The NEW lease-option design...As I understand it, one of the requirements of the new Consumer Finance Protection Bureau, birthed from the Dodd-Frank legislation, is that ANY lender in an installment sale has to verify that the borrower is capable of repaying the loan, just like a traditional mortgage lender must.

I've been looking into the BRRRR method, but was uncertain as to applying the strategy without an all cash purchase.

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And because of stuff like this happening in mass quantities, let legislation to regulate Wholesaling (like they did in OK) in which you can Wholesale 1 property per year without a license, however to continue wholesaling in these states, one must obtain a license by that state. 

My business law professor at Florida State was actually on the committees that wrote the original legislation so he spent a lot of time on teaching about them.