Taking partners spot

[Joe Capobianco]

Recently my father in law (Kyle) came to me about a flip that he did with his business partner(john)about 6 years ago and they are losing money every month renting and john just wants out. John offered me to write a check $15k to take over his half on the house. Now this is where I am confused. Kyle said John is selling us the house for whatever the amount is they have left on the loan ($250k) and we will start with a new 30 yr mortgage and continue to rent out. Would we be able to refinance the home for the $250k loan and just switch mine and John on the mortgage or do we have to go through with him selling it to me and Kyle? Also, if we have to go through with John selling it to us do I need more for closing costs on home and another down payment and other payments in buying a home? Very confused and if this doesn't make any sense please tell me.