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Updated 10 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
Most Popular Reply

- Investor
- Narragansett, RI
- 4,455
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@Andrew H. Financing for the whole property on her own if it cash flows and if she has the equity for 20-30%, then get an investor loan based on the property financials. Really depends on why she doesn't qualify. Finding an owner occupant to split it with and once you re-tenant with section 8 you have to delay that. I guess your name still on the mortgage? If so she has to refinance for it to be clean break and that it sees is your main issue. You should really pose this as a question under lending to get the most detailed informed responses. You are asking basically what lending structures might be best. I don't know how the land lease impacts this, land lease may limit options I don't know.