I'm hoping someone familiar with this can chime in.Question #2Are gifts of any kind allowed on investment properties?

A true gift to anyone who is looking to gain quality information on Real Estate Investing.I wish I had more hands.

(Billy Bob with a 642 FICO and three different gifts from three different family members for his down payment that also needs to pay off 2 credit cards and a car loan to qualify... he's not closing in 21 days.)Aaaaaaaand then six months later when you own the place, when timing/reliability mean nothing, and rate means everything, refinance.

Depending on the amount, your CPA will want to look at it as a loan rather than a gift where you could have to pay a gift tax if it’s over around 14k.You’ll probably want to create an LLC with your brother and partner if you are all sharing in the profits and outline the expectations of of how profits will be divided and what happens if there is a loss.

Not the I.R.S.Most people are not motivated to make gifts to a 501 ( C ) (3) tax exempt organization solely for the Tax Free benefits, that is why my associates and I use Charitable Reminder Trust ("CRT's").Researchers from Boston College estimated that the I.R.S. will Tax $41 Trillion to $135 Trillion in assets of people in your situation Chris.  

Does it have aluminium wiring?

I am thinking I begin a LLC and pull a fha gift equity loan from a lender to buy the house.

Sounds like dad gifted the property and some of the improvements made to the property, then the son built the house.

It might be hard to argue in court that the $1 amount constituted any real consideration; which would make the transfer essentially a gift. 

I know in most states agents are limited by license law as to how much they can pay for referral fee's and its usually a small amount or a token gift..