Dual Ownership of a duplex

[Tyson Mollotte]

I am working on a deal with a partner to build a duplex where the equity is split 50/50, basically he gets one unit and I get one unit. lets just say for simplicity that we can built it for $100,000 and have no note on it. If after a years time it appraises for $200,000, is it possible for me to take out a loan on my half of the equity? For example, my $50,000 after one year grows to $100,000 with no loans. Could I then take out a loan at 80/20 and get $80,000 to invest in something else? or would we have to take out a loan together and then split the equity in half that way? My partner would rather collect his rents and not have to deal with a note, but I am a lot younger and still want to leverage to grow my wealth quicker. I would appreciate any feedback! Thanks. 

[Joe Splitrock]

@Tyson Mollotte in this situation, I would hold title to one side of the duplex and let him hold title to the other side. Technically you are not even partners at that point, but separate owners. It is very much just like owning a house at that point. You can take out a standard mortgage on your half and he can do whatever he wants on his half. You would both just own and manage your own side.