Or they need to sell jointly as a total package. 

This means understanding the differences between tenants in the entirety (joint tenants with rights of survivorship) and tenants in common (ownership is and remains divided even after death of one of the owners).

Does anyone have a great template for a Joint Venture agreement?

Also, curious if you're using "partnership" as a term of art or just as a general joint business venture? 

If multiple partners jointly own the LLC then a partnership return needs to be prepared. 

If you lived in the property and claimed it as your primary residence for 2 out of 5 years you can exclude up to $250k of profit if filing single and $500k if filing jointly and selling the home at a gain.

Since you live in Louisiana, you don't have an obligation to create an LLC, and can qualify as a Joint Venture and report on Schedule E (split between husband and wife, so two Schedules E).Hope this helps.

Looking to joint a team and get learn fix and flips plus brrrr…..what ever I can help with reach out 

I trust you have all three of the adults named and signatories to your Rental Agreement; properly screened each; and included a "joint and several" clause in the agreement making all three responsible for the full amount, right?

Real estate syndication seems to be sort of a joint venture or trust organization that pulls money together for commercial real estate projects.