Steps to buying out a business partner

[Clara S.]

One year ago I bought a 4plex, my partner did the renovations in exchange for 40%, he did great work.

I am 60%, he is 40%. The title is in my name, I put 20% down. We have an LLC, we operate medium term rentals in the building.

Unfortunately, it’s becoming increasingly difficult to work with him. He’s becoming unprofessional and toxic. He’s mentioned being open to getting bought out and now I am seriously considering it since I can’t imagine this going on for more years.

Where do I start? This I my first investment with an partner and my second investment ever. I would prefer to keep the building.

[Eliott Elias]

Get with an attorney on this. Keep emotions to the side and focus on the task at hand, it may not be in your best interest to buy him out