We thought about house hacking but our situation wouldn’t be ideal for it currently but would still be a possibility in the future.  

Find a reputable roofing company-look at online reviews and find one that has been in business for a while...ideally local company.Inspect the roof-are shingles curling? 

We went over some options for a conventional mortgage, however I was trying to to purchase a rehab and ideally sell it within the same year.

This low supply has led to quick sales and rising prices in key neighborhoods, which is ideal for flippers looking to move properties quickly.Affordable Entry Points: Despite rising values, Indianapolis still offers lower price points than many other markets, providing a great opportunity for investors to enter the market with less capital and still see substantial returns.

Ideally I’d like to scale faster with the equity I’m going to pull out. 

Ideally I'm looking for turnkey properties or properties that need some work which totals out at or under $100,000.Please don't hesitate to tag me on replies or message me directly -- thanks in advance!

I know that it might not be ideal, but this is likely the scenario we are working with. 

Obviously waiting is not ideal with the mortgage due 09/01 but I don't want to find myself with legal issues either.

Ideally, this will help you decide what direction to go next. 

What would need to happen is your tax pro would need to assist with a 1065 partnership return for both of you (ideally) to ensure its being done right.