Rental real estate often generates losses for tax purposes even when there is positive cash flow.

If you invest this money in the flips, you will owe bigger taxes compared to rentals activity. 

On Zillow it’s zestimate is around $49,000 while comparable homes range from $26-$86k.  

Put the zip code into a realtor site and search within a range of a 1/2 mile and see what houses are selling for that have comparable features as this one.  3.  

I would take a look at comparables to see what the highest priced property has sold for along with the lowest. 

This allows you to isolate the single note to easily determine profit or loss.Separate QB files may have to be consolidated for tax purposes, but that should be far less frequently than reporting to JV partners.That’s my “solution”I hope it helps.

If it is a purchase, with cash, there should be a P&S contract stipulating a certain price, so he'll have a basis to pay his capital gains tax, and for you to create a basis for the half you bought from him, for tax purposes.

I wrote the above for informational purposes.

for a fast and loose number I use finestexpert.com it is a free tool and gives useful comparable quickly. 

1 time out of 5, a property that sells for $200,000 will be "zestimated" to be worth either less than $160,000 or more than $240,000.These are stats provide by Zillow about their own accuracy (from the chart posted by Katy).Zillow is a pretty slick tool, but my opinion is that you should do your own comparable sales (or ask your real estate agent to do/help with it).