1st Deal prebigger pockets nightmare
Bare with me I am very new to this community. So before I found bigger pocket i entered into a deal with a friend. His credit would not allow him to get financing so I cosigned for a 25% position in the property. Because we are friend we did not commit this agreement or any terms to paper. It has been a littler over a year and he has already been 30 days late one time. Ive since notified the lender to inform me of missed payments in the future ASAP. So now I am on red alert in case I need to set in in to protect my credit. Obviously in the deal he is responsible for the monthly payments and we have one other side benefit for me, I get the tax benefits from the mortgage interest. Since entering the deal he has been giving me less and less feeling of confidence in him has a business partner.
So this is my situation.
My question is in 2 parts:
1. How can I get out of this deal?
2. If my partner has a late payment again can I leverage the entire property from him?