*Replace needed plumbing parts*Use hardi backer or green boards for walls, make sure all joints and screws are covered with red guard or smiilar water proofing material, adding plastic sheet between the backerboard and the studs will give extra moisture protection.

As far as the mechanical work goes thats all on him. he will be piping everything to code (hopefully). if he asks you what type of material you would like to use on this project copper is best for water lines as for one copper joints are stronger than plastic and two copper is natural so your not drinking something that was sitting in plastic for god knows how long. now a days the go to is pex which is fine and also cheaper.

Of course having never done one of these before we do not know the proper parlance with these things. is it common to just blast out the deal to our buyers and say something like "We do not yet have this under contract, it is a joint venture deal, call/email us for more details" and then put it under contract with this other wholesaler?

The exception is if you are investing with a partner you should have either an LLC or a joint venture agreement.

This deduction is not limited as long as your total taxable income (including W2s and everything else) is under the threshold:$315,000 for a jointly filing couple$157,500 for everybody else6.

for example If in 2015 my wife and I (filling joint) made 100k at our 9-5 job and made another 100k gain on the sale of the home in 2015 would we taxed at the $100k income bracket or the $200k income bracket?

Usually, it has keywords like "severely" and "jointly" are good words to search for in the lease agreement. 

Before getting into any kind of arrangement with other investors please make sure that you have a Joint Venture agreement that outlines who is putting in what kind of work and money BEFORE going under contract. 3.

Buying another house will allow you to depreciate ( like someone mentioned) however, depending on just how high that W-2 income (assuming married filing jointly) is you will get phased out of the ability to use those deductions in the current year.

Unless it was as joint tenants, you're going need to probate the deceased brother's share.