Probate Property Question

[Colton Sibley]

Recently came across a probate property that is essentially a duplex type of home. Located right next to a college. It is a SFH with a guest suite in the basement. It is joint tenancy with three sibling. Two of the siblings want out. I am friends with the other.

My questions is...Is there a way to buy them out legally? I know you can but how? while gaining equity to keep a cash flow mindset and partner with the 3rd sibling. 

As a bonus to this question...does any one have any good strategies for claiming a cash flow year around on a college property? It is also located 10 minutes from a thriving down town. 

Thanks for all the insight!

[Tyler Mullen]

Check to see what title actually is... as I understand what you've written the property went through probate and now has been "distributed" to the three kids as JT.  If title is just the three kids then they can sell just like any normal transaction, I mean, from your perspective, if they are on title as JT it doesn't really matter that they got the property from a probate or bought it...  So, yes, you can partner with one of the three to effectively buy the other two out, you just have to run numbers to figure out who's paying what so your percentages in the end are where you want them to be.

Example:

Seller Side:

99/3=33 (sale price)

33 to JT

33 to JT

33 to JT

Buyer Side:

99/2=49.5 (Purchase Price)

49.5-33=16.5 Partner 1

49.5=49.5 Partner 2

Tyler Mullen, CFE