He so far has put some funds in to a joint account which I have taken out as cash to pay contractors.

We held the condo a joint tenant as  husband and wife in a trust. 50-50%, We COULDN"T own the commercial with 1 single LLC.We didn't want to hold the commercial in our personal name.  

Hi folks, I started a joint investment plan with a party but didn't really think through terms much, now that I own a place and am spending money I'm thinking twice about the deal I made.

I think those joints are lead and oakum. you will need to repack the lead after rotating the fitting.  

Will I still be exempt from capital gains up to $250k single/$500k joint filer, or does that get "wiped out" after it became a "business?"

If I understand you correctly, someone approached you (online, it sounds like) and presented you with a joint venture deal where you put up the money and they do the work?

I would like to find someone who has experience finding/ analyzing deals that I could joint venture with,of course I would Fund in exchange for what I would be learning.

If you are able to find great deals, you might be able to structure some type of joint venture arrangement which could result in less cash needed by you.  

You'll want some money in the bank for a rainy day so you may want to buy less home.You could joint venture with a bigger investor on multi unit deals.  

There are a few exceptions where FHA will allow you to have 2 FHA loans (meaning you are leaving your current primary and trying to move into a new primary residence using a FHA loan).Relocation for an employment-related reason, to an area 100 miles from your current primary residenceIncrease in family size (legal dependents) and the property now fails to meet family needs, and you also have at least 75LTV (In the home you would be leaving)Vacating a jointly-owned property with no intent to return (Most common in divorce situations)Non-occupying co-borrower, meaning you co-sign for someone so that they can buy a home using FHA, but you already own oneIf these situations don't sounds like yours, you will have to either sell your current primary before you can purchase a new one using a FHA loan, or refinance your current primary to a conventional loan before you can purchase a new primary residence using a FHA loan.