Will your partner be upset because you are getting the better end of the deal living rent free(assuming you aren't paying rent).What if only your name is on the mortgage and deed, then the tax documents will all fall on you and your tax return and not his which makes it more complicated trying to shift income to him.If there are two people on the mortgage, it will impact both your DTI ratio's equally in full hurting both of your abilities to get credit in the future until the property is sold.Why can't you do the live in flip on your own?

Consulting with a tax professional is highly recommended to ensure compliance with IRS regulations and to maximize your tax benefits.

Background information is that my wife and I have a high w2 income and also started an llc to mange a short term rental that we own.

If Florida is at the end of near the end of its correction, wouldn't it be better to get in now, get a decent deal, than wait until the market peaks again?

This is an assumption on my end. 

The Federal Housing Finance Agency (FHFA) gave conditional approval on Friday for a pilot program allowing Freddie Mac to purchase SFR closed end second mortgages. 

At the end of the day you want the asset our of your personal name.

@Joe WoodI agree with @Brian Eastman, the taxes from a $100K distribution would be high.

Here are the basic steps I take to estimate a rehab at a high level for the purpose of making offers:1.

I would highly appreciate it!