Question about splitting up a partnership.
you always hear:
- "don't start without a plan"
- "make sure you have everything in writing"
- "don't get involved in business with family/friends"
yea yea.. i'm in a situation. It won't happen again, but in the mean time, i would like to see what other useful options/opinions are out there.
I purchased a house with a close relative. 50/50 (cash) a few years ago with a simple plan to fix/flip/rent/whatever with.
we each invested time and money to rehab and rented for a few years. fast forward 4 years. Property value tripled, my life situation changed (marriage/kids/etc). I want to cash out, they want to keep renting.
i suggest them buying me out so i can put the money into other investments......6 months later they still don't want to refi, to pull out equity, or take another loan, or... because it will cost money, also they don't have the money in the bank.
- what are some suggestions to motivate this relative into a forward momentum?
- also what tax implications would i have for relinquishing my 50% in the property for cash (assuming i ever get it)?
- do i just need to call the title company to get my name removed from the title?