Real Estate Ownership and separation
I co-own real estate with an ex-partner, we are going through a separation and were not married. This is our current primary residence. He would like to hold the property and live in it, while I would like to rent it to a third party, or sell it. In light of our disagreement, he proposed renting it out to himself. Essentially he would pay market rate rent to the property bank account, and I would keep my share of the pure cash flow, after accounting for reserves. there would be other details written into the lease regarding repairs and maintenance.
I would move out of the property and receive the monthly cash flow, and he would live in the property for the duration of the lease agreement. Then we could renegotiate.
This seems like an idea I would consider. I would absolutely get an attorney involved in the lease writing process, but I am afraid of any liability, legal, or tax blind spots that may impact me. I am curious is this is a common situation to be in for similar partnerships that end up in dissolution.