Buying partner out but cannot come up with the full amount right away.
We have a vacation rental home in Florida that does very well. The problem is that I entered into it 1 1/2 years ago with a partner who has done 0% to make it as successful as it is. It is all myself and my husband. So we have told the partner we want to buy them out as we do not feel it is fair to share 1/2 with them when they literally do nothing for it.
The problem is that the buy-out is going to happen January first and I cannot come up with all of the money in that short of time. Does anyone know of a way to finance this? We wanted to do a HELOC on the rental home but it looks like that is next to impossible and even if it is, it will not give me very much money at all. Should I be looking at a personal LOC or personal loan from a bank? Ideally we would love for the home to pay the bill for this since it is doing so well.
Sorry to sound so naive, this is the first rental property I have purchased.