What are my options?

[Tony C.]

Was apart of a partnership on a multi family property in Brush Co. 

I ended up leaving the partnership due to venturing off to focus on my startup but no bad blood.

Recently I’ve been contacted by the father of one of the partners and he’s having some health issues but in the midst of it all the property is having some foundation issues. They received a quote for 22k (engineer reviewed) but want to sell. 

They may be tapped out or getting close to being tapped out on funds but want to sell. Currently only 335k left on the loan but the property at the time of refinancing appraised for about 550k.

Are there any options for them to utilize equity maybe or some type of loan program that would put a lien on the property to get the issue fixed? Or is it worth going the route to find another investor to buy it at the 335k mark so they can resell it for that upside? 

[Tony C.]

Quote from @Nathan Gesner:

Quote from @Tony C.:

They can find a new partner that wants to put in $22,000 to fix the foundation and then collect a percentage of the equity later on. 

Personally, I would be hesitant to jump into a deal when the existing partners are cash-strapped. I think their best option may be to sell it and walk away before they get themselves into a bind. 

Yeah that makes sense to me. Thanks!