50% buy out options for shared ownership!

[William Lucena]

Aloha & Happy New Year,

I have an opportunity to buy into a shared condo. Condo is split with 2 1bd/1ba on each side. I want to buy out one of the sisters that currently own it. They one sister cannot afford the bills anymore. They are both on a FHA mortgage and each have 50% interest in the property. What are some ideas that I can do this without creating any extra costs. Is there a way to keep the loan in place & just remove the the one sister. They have only had the loan for 9 months.

My plan would be to rent my side & split the expenses. Any ideas &/or direction is greatly appreciated.