Need advice dealing with partner

[Juan Arroyo]

Before I discovered BiggerPockets I was interested in buying rentals units but I did not have the money and experience so I partner with a really close friend......I know....

Five years later, I want out. After a full year of arguing, we agreed on a selling price but he will not have the money to refinance the house on his own for another 7 months. I am not sure if he is telling me the truth. I think he wants to buy time. I have offered to buy him out but he refused all offers.

This is my fear: since we are a 5050 partnership I am afraid he will try to fix everything he can before the sale so I would have to pay 50 of all the expenses without adjusting the selling price. What can I do?

I am thinking to have a contract

1)I give up all future rent but also the liability (tenants are month to month)

2) he would put money in escrow account

3) do a double closing in seven months

Any ideas?