Should we open a joint bank account to do business through and each deposit a small sum, say $1,000 each, to start for these joint expenses?

Actually, several partners we have connected with don't run funds and have welcomed joint efforts on going after opportunities this year. 

Now do you see why I'm constantly warning Californians against buying and managing D'class properties here and expecting everything's going to work just fine as long as they think positive thoughts at the process?

Tax Brackets for Single FilersTax RateTaxable Income BracketTax Owed10%$0 to $9,52510% of taxable income12%$9,526 to $38,700$952.50 plus 12% of the amount over $9,52522%$38,701 to $82,500$4,453.50 plus 22% of the amount over $38,70024%$82,501 to $157,500$14,089.50 plus 24% of the amount over $82,50032%$157,501 to $200,000$32,089.50 plus 32% of the amount over $157,50035%$200,001 to $500,000$45,689.50 plus 35% of the amount over $200,00037%$500,001 or more$150,689.50 plus 37% of the amount over $500,000Tax Brackets for Married – Filing Jointly Tax RateTaxable Income BracketTax Owed10%$0 to $19,05010% of taxable income12%$19,051 to $77,400$1,905 plus 12% of the amount over $19,05022%$77,401 to $165,000$8,907 plus 22% of the amount over $77,40024%$165,001 to $315,000$28,179 plus 24% of the amount over $165,00032%$315,001 to $400,000$64,179 plus 32% of the amount over $315,00035%$400,001 to $600,000$91,379 plus 35% of the amount over $400,00037%$600,001 or more$161,379 plus 37% of the amount over $600,000

You need to stay in constant contact with them and show them you're in this game and not a tire-kicker. - Just communicate.

@Chris Puntini the engineer said the property needs tuck point mortar joints, and a wood header above the cellar door.

Sounds like you are looking to JV (joint venture) with people and learn as you go. 

I would think you could have an attorney do a simple Quit Claim Deed and change it to "You or family member" or JTWROS  = Joint Tenantship with Rights of Survivorship.

I worked out a deal with the land owner to do a joint venture, we're giving him $50,000 up front which we get back when we sell the units and he gets one for free free and clear.

If you and your husband file a married joint tax return.