Taxes are based on the difference between your sales price and your acquisition cost (purchase and capital improvements.)You should speak with tour CPA and lawyer to best structure your business to minimize the tax impact.

@Colin YounYou should consult with an attorney on structuring the partnership/LLC.This appears to be a partnership as you are looking to split profits instead of a loan agreement where your friend is looking for interest based on capital.

As long as we’re not getting divorced.I know that there is a difference between legal and tax structure.

Personally, I would not pull money out of retirement accounts- depending on the structure and type, you could be paying a penalty and income taxes, most of the time it's difficult to justify that and make it up on a deal. 

Many times, the whole deck does not need to be replaced as the structural part of them (joists,posts and beams) last much longer.

I suspect that there is usually large construction vehicles on the statue but the statue is so big, and the viewing is so far away, that it is hard to notice the construction vehicles.I have seen great cathedrals, great pyramids (Tikal among others), great buildings (Empire state building), great structures (Eifel Tower, Holt antenna array, Washington Monument, Old wall of Dobrovnik), other pretty good statues (mt Rushmore).  

So i know there are major leaks in the structure and I plan to re-pipe most of it.city building and permits mgr advised he will reach out to me in a couple of days and advise what they have on the property.

So things that are a red flag for me may be fine for someone more aggressive.1) Portfolio matching: (takes 30 seconds per deal)a) Have an educated opinion on where you think we are in the real estate cycles (financial and physical market cycles)b) Then only then pick the strategies, capital stack, and specialized asset subclasses that make sense for that opinion.

This is how my agreements are structured.

Theres mold on the plywood and structural beam.