How to excercise my rights as a co-owner of a rental property?

[Kishor J.]

I'm a co-owner of a rental property in Norfolk, VA. I have a partner who has been managing the properties for a while. We are not related. I want to exercise my rights and end the partnership. Either I buy the share from my partner or I get my share, I'm fine as long as I get a fair deal. What are the options I have?

[Jai Reddy]

What does your partnership's Operating Agreement say on buy-out or exits or dissolution. Those are your options. If your Operating Agreement doesnt specify anything regarding those options, then its left to negotiation, assuming both of you are an LLC member and the property Title/Deed is to the LLC.

Note : I am not a lawyer, am just a bored forum surfer trying to have a conversation.