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Updated 2 days ago on . Most recent reply
Creative Exit Strategies for 2-Unit Multifamily Co-Owned with Family – Ideas?
Hi BP community,
I'm looking for some creative strategies or advice on a somewhat unique ownership situation.
I co-own a 2-unit multifamily in Hartford, CT (North End) with my sister. I live out of town, she lives nearby. The challenge: I’d like to sell my share, but she wants to hold long-term and doesn’t qualify for a mortgage refinance on her own.
What I’d love input on:
- Are there realistic ways to sell just my 50% interest? (e.g. bringing in a new co-owner/investor)
- Has anyone successfully done this with the new buyer financing their way in (i.e. new mortgage—not assuming the current one)?
Here are the key details:
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Property Value: ~$290,000 (per Zillow)
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Mortgage Balance: ~$172,000
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Estimated Equity: ~$118,000
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Ownership Split: 50/50 between my sister and me
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Monthly Rent: $3,450 total
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Unit 1: $1,650/month (Section 8)
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Unit 2: $1,800/month (also Section 8, recently vacant and being re-tenanted)
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Ground Lease: $150/month to a local charity (drops to $75/month if owner-occupied)
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Lease is 99 years, and automatically renews with each sale
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Charity has confirmed they will not allow a buyout of the lease
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My goal is to exit my portion cleanly. Open to creative structures if they can provide a fair solution for everyone.
Thanks in advance for any thoughts, similar experiences, or suggestions on who I should talk to.
Best,
Andrew