Replacing a Partner

[Yesenia C.]

My in-laws and a partner own a multi-family property. After 20 years the partner wants out, he's older and just wants to cash out. My in-laws can't buy him out right now, so my husband and I are thinking about taking over that partner's half. It's a 50/50 partnership, I'm wondering what the process would be. How do you remove one property owner and replace with another. My husband and I would need a loan, but my in-law's loan is almost paid off.