There is essentially no difference in the two plans you laid out.Plan A:  Each of you files two Schedule Cs for half of everything orPlan B: One of you claims all of the income and expenses and then "hires" the other as a subcontractor.  

Plus we were the first tenants in his new construction.

(people pay a lot for that though)i currently work in construction and my girlfriend of 5 years is working on her RE license right now i have definitely been reading her books as she finishes. following her into that sounds like a good idea. i had also considered getting into home inspections.

I'd love to pick your brain about what the status of the wholesaling market is here.I have a background in construction and construction project management so I expect fix and flipping to be in my future once I get the ball rolling on the cash side.Osiris

I don't make much money but I cut my living expenses to the absolute bone to save for houses. 

Your job as a wholesaler is to find deals you can pass on to other investors so there needs to be meat on the bone.

How much would finished new construction sell for?

In my opinion, lot investments are best in a hot construction market or if you get for deeply discounted price like at a tax sale.  

However, I have to say, Cuba will offer a very good opportunity for landlords, investors, construction companies and travel related industry, including the vacation rentals.

The cost of other (non-new construction) houses in the neighborhood have no relationship to the cost you'll incur to build a new house.Your costs will be based on a lot of factors:- Location- Level/type of finishes- Style of house- Size of house- Whether you GC it yourself or hire a builder- The types of contractors you use- Your negotiating ability- How strategic you are with your designs to keep costs downI've built houses for $60/sf, and I've built similar houses in other locations with different contractors for $90/sf.