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Buying out a partial owner of free-and-clear commerical property
Hello all! This is my first post on bigger pockets though I've browsed the blog a lot and have read one of Brandon's books and will likely read more. I have focused most of my time and attention on residential units, but something has come up in my family and was hoping someone could provide some insight.
Here's the scenario:
Say you own 1/3rd of a commercial apartment with your two siblings each owning another 3rd. One of your sibs would like to sell, and you'd like to hold -- so you would like to buy them out. Let's add that this property is already paid off and there is no mortgage, only general maintenance and property tax, and a % from the property manager.
What sort of loan or process would be best to address this?
I have heard of cash-out refinances,'inhertiance/estate' loans, and general commercial mortgages. However, in all cases I am not sure which would apply directly to the above case.
Thank you!