What are your expected gains?

No offense to any I'm just trying to get a good insight on how this will work as not all good deals have to come through wholesale or sheriffs sale.

You still may need separate tax returns, but you gain the anonymity the trust offers. 

My roommate was interested in financial freedom so figured it wouldnt hurt to go with him and see if i can gain something out of it. 

I appreciate your insight.

Don't rationalize any numbers, or use anything other than cash (i.e. equity, appreciated gain, tax deductions, ...) since those other items are NOT CASH.3 - If you have a negative number, that means you get more cash back in your deal, within the first year, than you spent (so in this case...used)...and you have a winner.4 - If you have a positive number, that means you have spent money to buy this property...your money.5 - If you fall into the #3 category, you have recovered all your initial cash (seed money).  

Never Split The Difference by Chris VossThe Psychology of Selling by Brian TracyThe Four Spiritual Laws of Prosperity by Edwene Gaines

Am I going to be taxed with capital gains and self employment tax?

Nor is the +6 gain next year.

Thank  a lot for your insight guys!