My goal for Q1 2019 is to create the proper organizational structures to put these assets such that we are not exposing each other to unnecessary risk from a liability and tax standpoint.

Most likely Outfront owns the structure and has a land lease.

The total cost in Atlanta is $120 or so.I have no legal authority or expertise to tell you how to setup your LLC structure.

In other words...how would you suggest two 20-somethings with no assets and/or liabilities and decent 1099 incomes structure household income/investing? 

Even if someone knocked it down and replaced it with a brand new structure, the neighborhood layout is aweful and all of the surrounding homes are on top of each other, no privacy, not so much as a tree for as far as the eye can see.    

A flip could be an eventual means to that end, who knows.Back to my original request - how are your partnerships structured? 

The house will need to meet all the stricter structure condition requirements that go along with an FHA loan once the rehab is complete. 

As is means only physical property or also legal stuff?

Maybe the windows were more pricey than expected and a structural support wasn't anticipated in the 100 year old house. 

Therapy, physical assistance, and diabetes dogs are generally Labradors.