JV partner wants us to buy him out...

[Rochelle Kretchmar]

Hello all!  

I need advice please. We have been working with our JV partner since 2013. It's been great, finished a couple deals. Got into a larger project that we decided to move into last year and last out the home we are in to save $$. Our partner obtained the financing, we put in the cash for repairs and work as the General contractor in all the projects we do.

I am having problems getting funding as the home isn't quite finished. The current value is $308K. ARV is approx $330K. We have 20K earnest that partner is holding a well as $50K+ in cash in updates / repairs currently. We have a deadline of 4-1-16 to buy him out for $185K, which is about right for what he financed.

Loan issues, can't go hard money due to the non owner occupied issue. Conv is almost impossible because mstr bath isn't move in ready. Cant to FHA due to other mortgages on homes.

 We can put the home on the market and we will get our money out and partner will as well - we will split 50/50 what is left after closing cost,  etc.  I really want to keep this home, don't even want to think of moving out, but if we can't get a loan or find another partner to work with us,  I have been thinking of wholesaling this deal to try and make better money.  Partner doesn't care,  he just needs out of the loan ASAP. 

I really would like to know of any options anyone else can think of that would keep me in the home.  I have talked to most of the private investors I know and most think it's an amazing opportunity,  but don't have the funds to loan us at this time. 

 I'm running out of time and as they say time is money... 

Thank you,  

Rochelle Kretchmar