Removing a partner from the Deal

[Brian Langstrom]

I posted once before about ending a relationship and buying her out. 

So, we had a duplex in Naples end up with no tenants. Both flaked out and disappeared overnight. I contacted my ex and suggested we spend $50K each and upgrade the property. Of course she is broke and cannot get a loan. So, I offered to buy her out. No, she wants to re-rent as they are and ride it out longer. This is a good time I tell her to upgrade.

SO, she has me convinced to keep it cheap and rent it for another year. Thoughts?  I can remodel the whole building in two months. SO lost rent is about $5000 total. 

When I discussed her cashing out and moving on. She feels she should get fair market value for her half. Which when I take out the loan and recent expenses, leaves a modest amount I would pay. She seems to feel that all the appreciation should also be 1/2 hers. Well it could also drop tomorrow and I would be upside down.  More thoughts?   Remember this was purchased when we were a couple and this was a lifetime investment not a short term investment at her personal life wants it to be.

[Chris Seveney]

@Brian Langstrom

I would either

1. Give her an offer to buy her out.

2. Offer her to buy you out

3. Sell it

Renting it another year is an awful idea until you know which path you are going down.