Investment partner not holding up his end of the deal.

[Liam Martin]

Hello BP,

My friend and I purchased a duplex in Boston and have been house hacking for a little over a year now. When we decided to purchase this property, we had several in-depth discussions about expectations, responsibilities, and obligations involving the property. The goal was to split our obligations and responsibilities evenly and to "step up" when the other person is busy or unavailable. I have known this gentlemen for years, he is interested and moderately knowledgeable in real estate investing, he is financially competent, and many of our long and short term financial goals align. Knowing this, I had very few reservations about going in on this deal with him.

I quickly noticed that my friend, and now investment partner, was not actively engaged in our investment. Since moving in, I have been solely responsible for coordinating with the property manager, meeting with contractors, calling contractors and receiving quotes for repairs within our unit, dividing our monthly bills up and sending payment requests to him and our other two roommates, performing minor repairs around the property, landscaping and snow removal, organizing and submitting documentation for the property, inquiring about refinancing, etc. The list goes on and on. This goes without saying, but I will say it anyway: I have no problem taking care of the above tasks. What I do have a problem with being taken advantage of by my partner.

In February, I decided to put together a detailed list of obligations that he previously agreed to fulfill that he has not yet fulfilled. We sat down and discussed the situation. During the discussion, he admitted to being a very poor partner thus far, but agreed to be more involved moving forward. 

It is now almost two months since we have had that conversation and nothing has changed. We are planning to move out in September 2022 so we are able to rent out both units. I fear that this issue will only worsen once we are no longer living under the same roof.

I am hoping to get some advice on how to proceed from here. Thanks in advance!

P.S. Respectfully, if your advice is to avoid entering a partnership in the first place, please keep it to yourself. Thanks!