Hello! I'm Patience.
I'm new to real estate investing, focusing on the Central PA market. Currently, I'm diving into wholesaling as a way to generate revenue and build up the capital needed to take on my first fix-an...

I have been listening to the BP podcast and been reading the forum as well as RE books.

( Not sure if that's the correct terminology.)Whatever loss I take in the first year against my wife's income, does doing this change my rental income from being passive to non passive income as well?

In these days and what my life has been I will not be able to repeat what they did and even survive. 

If all parties were agreeable (and would likely agree on an interest rate lower than a bank's would be), with $0 down his monthly payment would jump $300-$500, but now he would be building equity in the property.Is there anything else I should tell him or anything I am missing?

I can help you out as I know the area very well, but need a bit more specific info and a narrower geographic location. 

They will be the first line of help for anyone and keep things looking sharp.

yes 100% financing is likely not going to happen. i say likely because I'm sure there is someone out there somewhere who would willing to take this on, but certainly not going to be an easy find. ground-up construction is more challenging as well, as you will need to evidence your experience w/ previous ground-up construction deals where you are on title. this is how lenders feel warm and fuzzy about lending you so far above and beyond the existing land value before anything is built on it. 

Can Only a PART of paid OPTION Consideration Funds be NON Taxable ?

Rehab them to be all in of 140k.