Buying out partners on a great property they want to sell

[Jeff Piscioniere]

Ok I need some math help! This is probably common sense, just a lot of moving parts I’m jumbling around.

Scenario

Great 2 family property in upstate CT with monthly cashflow of $700. Bought with 2 business partners (friends) in 7/2018 for $130,000.

Likely sale of $160,000.

Outstanding principle is probably just under $100,000.

So say net $60,000.

Without considering closing costs, this means I’d be on the hook to pay them each $20k right? One of the partners is a real estate agent so hopeful commissions could be avoided.

Wondering if there’s a scenario where I could get them to owner finance because I don’t have the $40k I’m willing to part with?

Here's some quick background because this idea was only dumped on me less than 2 days ago. The 3 of us live about 50mins south of the property. Big snow storm couple days ago and the plow guy one of the partners thought he secured was a no show. The 2 of them had to go up there to clear the driveway. I had to work. They luckily seem to have found a neighbor who agreed to be our guy for the remainder of the winter. Unfortunately the 2 of them were stressed and one says he's always nervous because the property is so far away. Their idea is to sell and buy condos closer to home where we don't have to worry about outside maintenance. Everyone I talk with has agreed with me what a shame it is to want to get rid of such a great property for the unknown of condos and their HOA fees especially considering prices in CT have surprisingly gone up significantly since Covid with so many NY'ers fleeing the city.

Me personally, to avoid a long story and get to the point, I’m ready to move on from this partnership because the original goal back in 2018 was to slowly acquire a portfolio of properties to the tune of 1/year. Here we are 2.5 years later with only this one great property to our names and I’m so disappointed that I’m on the brink of partnering with someone new. I’m willing to do the condo with them because I don’t want to ruin friendships and plus I have the seed money for the new partnership I’m ready to move on to. Also on a personal note, I own a very successful short term rental cabin in Gatlinburg TN that I self manage from 700 miles away so I’m not phased by long distance real estate.

Would love to hear any feedback on avoiding the sale of this great property. Thank you in advance!