Hello Community!

My new client purchases properties with another friend, renovates them and sells them. They each share 50% of the expenses and proceeds.
I recommended that they should do a Partnership Return but they are telling me otherwise.

Since this can be categorized as a Flipping House business- a schedule C can be done.

1-Is it possible to just do a Schedule C for each of their share?
2- Are we able to split the cost basis of each property and include in each of their Schedule C?

3- Or Just categorize this has a short term capital gains? ( but of course this will be less tax beneficial).

Your input is greatly appreciated!!