LLC Partner Buyout Calculation

[Andrea J.]

I'm new to the real estate investing world and unfortunately am having an issue with my LLC partner (also my ex) and will have to buy him out. As of just recently, we currently own one house that needs to be gutted and has back taxes that need to be paid. We were planning on using it as a rental property when it is rehabbed. Both my partner and I put an equal initial investment into the business when we started it. However, my partner has not done any work yet, nor does he plan on doing any work in the future. I on the other hand have done all of the real estate agent duties along with the usual investor work and I am currently doing the gutting. We have not had a contractor work on the property yet. How would I calculate buyout amount and how would that work if the business needs the initial investment funds for the rehab on the property? Otherwise, the property will just be sitting until I can get a second job and save enough money for it. And the first thing desperately needed on the house is a new roof. There is no operating agreement (I know, stupid) and I am in Illinois if that matters. I plan on getting an attorney but I'm just wanting to prepare myself. Thanks in advance.