Updated over 6 years ago on .
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Quit claiming for purposes of bad credit and unable to refinance
Me and a friend bought a property together. He has great credit And i had the down payment in a 1031, I am the primary signer on the hard money loan he signed as Guarantor of the loan. We can’t seem to get it refinanced because my credit is really bad, income and tax returns issues, can I quit claim the property to him so he can refinance the property and does that cause any tax issues for me or him? It’s not a sale or gift, but if needed to be as sale, i can sell to him for $1. Any advice is appreciated