.- Recently, my property taxes increased, making my monthly payment to the bank $2,200.

We can use income filed under Sched E once it shows up on a tax return.  

Hey, I have a pile of money I would like you to help me spend doesn't always bring out the best people.

Your mentor is using a cash partner and not his own money to JV with you?

I have heard anecdotes about how doing a quick claim deed later, the county might consider that a sale, and re-evaluate your property taxes.

A house came up in my street which was at least $100k under FMV but I hadn't done any due diligence or brought any money.

I have 200k in private money.

The idea that you can build wealth without putting any money into it is a recipe for disaster and the sales pitch of gurus trying to steal your money.

Go ahead and be willing to put in the money toward a good contractor if you're not doing the work yourself.

This may be more of a question for a lawyer, but from a tax perspective, that's my input.It's also worth looking at the sec. 121 home sale gain exclusion to see if it might be something you qualify for in order to take advantage of the exclusion amount since you mentioned it was a previous primary residence.