Partnerships can be complicated - and like Jeff said, can end friendships.

You and/or your father's tax situation is about to get a lot more complicated, and compliance isn't going to be cheap.

Don't take out unnecessary debt and work on saving money.

If lease options, with nearly zero downside, can be used in these complicated subject 2 and WRAP mortgage arbitrage deals, is anyone using them in wholesaling?

No sense making things more complicated than they need to be. 

So if you take title to the property before improving it that ends your 1031 opportunity.But if the QI takes title then you can include the improvements in the purchase price as you won't be taking title to the new property until the improvements are complete.A reverse improvement exchange is a bit complicated and pricey. 

I'm sure this could be done, but why do you want to create this complicated setup?

Unless super complicated, most of my full blown comps take 15 minutes.

It seems like I may have just complicated my situation.

If not, go to the next deal which may be 500k, but net you 5x more monthly, and take the SAME amount of time to rehab and BRRRR that, but just find and start soon and the $500-800k BRRRR would by far be the better option for higher monthky positive cashflow...that would be your only loss here..inneficiency of a smaller project that could take the exact amount of time (think of code compliance or covid complications making your smaller project take a year... the same time a larger project could take) as a bigher price point project which yields 3-5x more a month.I have a local real estate investor partner that has used a lender for his projects and he gets very good terms with just 10% down, no interest until 2 months, and they have given him better and better terms after first starting a terms that weren't as good.