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Updated over 3 years ago,
Partnership Gone Wrong
Hi all!
I'm trying to help my mother. She's partnered with her cousin on a rental property and stuff has hit the fan! Here's the reader's digest version:
- They do not have a written agreement (and at this point cannot agree on one)
- She wants to sell, he does not (he is not on the mortgage but is on the title)
- Tenants that were month to month are moving at the end of the month, no rental listing exists
- To get the property, he put up a down payment (over $50k), and she secured the mortgage
What he wants in a buyout or sale is unreasonable (after lawyer review), and even though they still cannot agree on a partnership agreement, he wants to list the rental and get tenants in ASAP. He also withdrew all the money in a shared bank account related to this property because he "can't trust her". I advised my mom to get further legal advise, but what do you think?