Exit strategies for partnership dissolution

[Thomas Combs]

Hey BP,

I am a new investor entering into a 3-person partnership & we are currently developing an exit strategy before approaching an attorney. We are having a hard time deciding how to approach dissolution as one of the partners wants the ability to liquidate the property at any time if he decides he needs to for any reason (emergency or not).

We also want to work in a statute that gives the other 2 of us the ability to buy a partner out before they liquidate the property.

I am curious to hear any dissolution strategies you have outlined before buying real estate with a partner & members' thoughts on freedom to liquidate. For more context, we are looking to live in a single family property for 365+ days then keep it as a rental.