Buying Out Partners

[Jennifer Y. Park]

Hello BP community, 

I'm in a 5 member partnership to do to a flip, in which one partner is wanting out.  This has been an unexpected financial hardship for us since this partner is not contributing financially, while the rest of us are trying to cover the partner's portion to complete rehab, etc. Unfortunately our operating agreement does not have a buyout clause, so we're needing to draft one and we're not certain that we can even buy her portion out, unless we're able to find a replacement partner. 

Has any one had any experience with buyouts and what should be included, is this document called a buy-sell agreement? Or any recommendations for attorneys in Florida would be helpful. 

Thanks!

[Nasir Ziad]

I have some experience with this as an investor the simplest way to do this is use a refinance or a second or third mortgage to buyout the partners interest with a new agreement