Creative Exit Strategies for 2-Unit Multifamily Co-Owned with Family – Ideas?

[Andrew H.]

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:

• Property Value: ~$290,000 (per Zillow)

• Mortgage Balance: ~$172,000

• Estimated Equity: ~$118,000

• Ownership Split: 50/50 between my sister and me

• Monthly Rent: $3,450 total

  • Unit 1: $1,650/month (Section 8)

  • Unit 2: $1,800/month (also Section 8, recently vacant and being re-tenanted)

• Ground Lease: $150/month to a local charity (drops to $75/month if owner-occupied)

  • Lease is 99 years, and automatically renews with each sale

  • Charity has confirmed they will not allow a buyout of the lease

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