As far as I know, as long as you lived in the property for 2 years out of last 5 years, it qualifies for capital gains exemption up to 500k for married filing jointly.

The lien release of the loan that you took jointly is all they need.

Qualify yourself as a full time RE professional and collect the tax benefits from that as well (double since you are married if you file jointly).

You mention that you are familiar with the stock market, and if that is genuinely the case, then you know that only idiots think that they can actually beat the stock market average returns over the long term. 

Two months after occupancy it could be the same hot-water-heater but a different joint.  

I have tried pinsole as well only lightened the smell a bit. the floors are this nice genuine hard wood floor.

My wife and I currently have joint title on all of the homes through our Family Trust.

He is proposing one of the following: a.) asking $28K for the property purchase and he says it needs about $80K worth of work for a flip (which he'd like to do the work if I buy it).b.) bring $12K to the deal, do a joint venture, he'll do the work, and we split the profit of the saleI'm in the process of finishing my first flip and I've never been approached with such a scenario and I have no knowledge of the Zion market to know if this is a good deal. 

@JoIt would make more sense to buy the property on a joint venture with a cash partner, and not a bank, and then sell on a wrap,  where you can avoid it wants your calls where you can avoid a due on sale clause.  

Divorce can destroy a credit report, lawyers will often tell their clients not to continue paying joint cards while they settle issues.Credit figures into my considerations but if someone has an issue such as divorce or medical (hospitals can destroy people's credit) then I am less concerned.This tenant has 2 of my favorite qualities - government employment and divorced.