Partnership exit strategy

[Reggie Maggard]

Ok, so Im looking to partner up again (I have been trying to figure this out for a bit now). 

150k duplex

41.5k for dp/closing

112.5k mortgage

CF = 281/m

PITI and expenses=1017

Income = 1300

Now before everyone freaks out, I plan on getting this for 15k less but want to be conservative.

Im looking at IO payments of 193/m

8 year balloon/payoff of his 29k

At that point I plan on having his 29k with CF over the period, appreciations, principal paydown. Im putting 12450 in the deal and hope to have 60k value in the property at the end of the term and I will manage myself. But this isn't about a good or bad deal....

If we form an llc, can I write in the ability to pay him off and remove him from the llc?