Buying a partner out of real estate

[Peter Nierman]

Hi everyone, so I co-own a home with a family member and am seeking some advice.  Backround - we bought a home (with a mother-in-law) 2 years ago.  My cousin has since moved out, and I rent out his room.  My girlfriend also lives with me and pays rent.  My cousin does not want to keep the house long term but does not want to be bought out yet b/c he thinks the market is still going up. 

Under our present agreement, we have set specific rent for myself, gf, and tenants.  Above a certain amount, all profit goes into a joint account (50/50). My cousin still accrues equity and gets tax breaks. 

One reason I want to buy my cousin out is that since he moved out I have been doing all of the yard and home maintenance, dealing with tenants and handling finances.  He has done almost nothing, but continues to receive about $200 a month in profit from rent.  I think he should be sharing more of the burden of maintaining this very high maintenance property (large yard) if he wants to keep getting all of the benefits of home ownership.  

For more info, the rent we are getting for the upstairs (where I live with gf and tenant) is about what we would get if we rented it out separately.  My current rent is about equal to what I paid when my cousin was still living with us, but now I am responsible all of the work in the home.  

One reason I feel he should share in maintenance responsibilities (at least chipping in some money for a gardener) is because I am maintaining the home for, not just myself, but also the tenant in our mother-in-law, my gf, and the upstairs tenant. 

Your thoughts would be appreciated.  Thanks!

Peter