The IRS already offers capital gain exclusion of up to $500K for married filing jointly.  

About 5 years ago I had joint debt in a corporation I was in, of about $300K +. 

This was a small joint venture.We did a 5 year model with sale exit after 5 years.That being said, all my investors understand this to be a long term hold.

For small multi-families I would lean towards setting up joint ventures with your family.

Any chance it can be taken apart at the joints considering its almost 100 years old?

There were some holes where the previous occupant used too-large screws, and I just used regular joint compound.

I have the opportunity to develop a modern home subdivision on a 17-acre pice of land in Mount Olive as part of a joint venture with another developer who has extensive experience building these homes and subdivisions in other parts of the US.  

However, paint does in fact protect mortar joints, which are not fired and prone to disintegration and required repointing over time, so there's that. 

In fact, with two guarantors, the risk is reduced and your rate could be lower because of that(lending and loan pricing available is based on risk).Both you and your partner, should be able to guarantee the loan and apply for the loan jointly. 

If you want them to assume the risk of your project then you can joint venture where they get a share of the profits at the end.