Buying out a Partner - Short Term Rentals

[Mark Sheppard]

I am trying to figure out a few different options when it comes to buying out my partner when the time is right.

We are currently 50/50 in the deal financially, minus his land cost that we built the property on together, and took out a construction loan to build 6 houses, a pavilion on river front property in the Texas Hill Country. The property will go live in a couple of months.

My partner would like to roll the cost of his land, that we agreed to the cost of prior to building, into the new loan when we refi out of the construction loan. 

My first question is, what is the best way to add the cost of the land into the loan so he can get his portion back when we refi out of the construction loan?

Also, looking to hear some ideas on the best ways to leverage the property to buy out my partner. The only way believe I can buy him out is to get an appraisal of the property and take out the equity needed to buy him out of his share. 

Land Value $150,000

Construction Loan $550,000

Please let me know your thoughts.

Mark