If it is a purchase, with cash, there should be a P&S contract stipulating a certain price, so he'll have a basis to pay his capital gains tax, and for you to create a basis for the half you bought from him, for tax purposes.

In that unfortunately (but potential) situation, you end up having to bring in another contractor (who will get paid), and then still have an equity obligation to your friend.In my experience, partnering with a contractor who brings nothing to the table other than their contracting skills is a situation where the investor has a whole lot to lose and not a lot to gain.

Etsy and Artfire selling hand made or custom itemsEbay stores selling items you find in your area that others can't find or get easilyCreate a blog discussing something you are good or passionate about for advertising incomeStart a youtube channel for advertising incomeStart a services based business doing something you are good at and advertise on CraigslistCheck the Craigslist gigs area for one time quick gigs you can get that work around your scheduleUber or lyft as a driverHouse hack, or buy a house and rent out all but your roomWhile saving move your money from bank to bank to gain their 3 or 6 month bonuses like $300 bonus for holding your money in their savings for 90 days, then move it to the next bank offering that.Sell everything you are no longer usingSell photographs to stock photo websites like istock, depositphotos, etcBuy pallets of overstock/returns to ship and have Amazon sellBuild websites for companies using wordpressOffer to maintain the social media for all business owners you know, and take a monthly fee for some extra facebook and twitter time.Become a long distance digital assistant for some REI investors that need you to analyze deals, juggle calls, etc allowing you to learn along the wayOf course any job working in the industry you are looking to get into like an working with a realtor, investor, broker, mortgage agent, etc would be preferred since it gives you further advantages in future investments.Let us know what you decide to do!

Unless this was your primary and you're sitting on a tax free gain, i'd get the money for my next purchase elsewhere. 

From my understanding, it should not be problematic to move the IRAs over as they are not subject to capital gains, correct?

I would take that 400K and invest in a number of multi-family syndication deals; earning 12%%-15%, with a good, double-digit capital gain at disposition.

With a gain of 20% just last year and almost 5% so far this year it’s going to have to crash hard and then I’m going to have to have the guts to sink it all back in or I should never have sold. 

I am the definition of a local Pittsburgh investor, and I have nothing to gain or lose through any sort of interaction with you.The thought buying anything in Pittsburgh sight unseen for any reason with the help of people I'm not related by blood or marriage to makes me break out in a cold sweat.

I’m looking to get started with wholesaling and acquiring property to buy and hold for passive income in Fort Worth, Texas.

She already has huge capital gain on the house, just want to sell it, without back to market again.Another house I looked at in the nearby neighborhood back in 2015 was a unlivable house, listed at 535K, I was trying to give offer at 510K, but my agent came back saying it already had multiple offers, it was sold at 590K.