Updated over 4 years ago on . Most recent reply
Partnership buyout planning
Hi Guys, looking for opinions/ideas on the best way to handle an upcoming buyout for a partnership I am in. Timeline- 2 years.
Details: my Brother in law purchased a condo in his name for us to use as a STR in our partnership with a financial split between us. My wife and I have 2 other condos in the same market and lined out a plan to partner with her brother to purchase a 3rd. His goal was to help us out using his DTI to purchase the property using a vacation home loan and we were asked to buy him out within 2 years so he can pursue other business ventures unrelated to real estate.
Ultimate question: what would you do to remove him from the partnership and acquire the property in your own name to remove him from the deal entirely?
Alan