Quick background, I am active duty military assigned to Joint Base Lewis-McChord (JBLM).

We've been on/off looking the last few months and found a vacant $4M 3-plex in SF that we are considering.Please help with the questions below:Do you know a lawyer and accountant that can help us figure out how we would jointly invest (she would owner-occupy one unit)The property's expected rental income is ~250K/yr and it would generate ~25K in net income.

@Andre Williams if the house was a jointly owned home the kids have nothing to do with it. 

There are many threads about Joint Ventures.The main reason you could become "an idiot" is: bothering with finishes and build!

I got in touch with a developer who is looking for someone to put equity into his project. Here is his proforma, - No. of units are 44 (75% 1 bed, 25% 2 bed)- site acquisition costs are 1800000- Construction costs are...

I frequently use JV agreements with other wholesalers but I'm also looking to draft contracts between our company, Modern Living, and other partners for rehab projects, as silent money partners, and various other joint ventures in real estate.

You'll need to do a Joint Venture or create a shared entity like Brian mentioned above in order to make sure you don't run afoul of the law.

You will be able to exclude up to $250,000 in gain if you are single, or up to $500,000 in gain if you are married and filing a joint income tax return, as long as you can say that you have lived in the property as your primary residence for at least a total of 24 months out of the last 60 months (two years out of the last five years).You should not have any taxes to pay since you have lived there for at least 11 years unless your gain exceeds the $250,000/$500,000 limit.

We do this this for my father-in-law where he signed a power of attorney over to us to manage the property and we have a joint checking account for the property. 

Option #5 is Joint Venture for 50/50, 60/40, 70/30, etc. probably the costliest by far though, but no money out of pocket.