This deduction is not limited as long as your total taxable income (including W2s and everything else) is under the threshold:$315,000 for a jointly filing couple$157,500 for everybody else6.

for example If in 2015 my wife and I (filling joint) made 100k at our 9-5 job and made another 100k gain on the sale of the home in 2015 would we taxed at the $100k income bracket or the $200k income bracket?

Usually, it has keywords like "severely" and "jointly" are good words to search for in the lease agreement. 

Before getting into any kind of arrangement with other investors please make sure that you have a Joint Venture agreement that outlines who is putting in what kind of work and money BEFORE going under contract. 3.

Buying another house will allow you to depreciate ( like someone mentioned) however, depending on just how high that W-2 income (assuming married filing jointly) is you will get phased out of the ability to use those deductions in the current year.

Unless it was as joint tenants, you're going need to probate the deceased brother's share.

The house was jointly owned by three siblings, one of which lives in the next door apartment and wanted to stay put as a tenant, so the sellers were not entertaining offers that would have her vacate the unit. 

Yes you would want to set up a joint venture agreement detailing the terms of the agreement and what to do in each scenario.

I have contractor connections because I have also been in the construction industry in one way or the other, building relationships with these professionals over the years.Would a joint venture be the best way to do the first deal to build trust with my private investor?

This is a way to joint invest with my son, not throw $15k a year away on renting for his 2 years at college and a long term investment.