Looking for mortgage/equity split advice on a joint investment property

[Heesun Lee]

Hi all,

I purchased a property with my business partner (let's call her Shiela) a few years ago and am looking for advice in terms of a mortgage/equity split. 

Shiela and I originally lived in the house together, but they decided to move out. At that point, I decided that I wanted to continue living here. Shiela wanted me to take on all of the housing expenses (the entire mortgage, property taxes, HOA, etc.) because it was my decision to live alone, while still getting 50% of the equity accrued each month. Even though I disagreed with this logic because it was her decision to leave, I could also understand her perspective and so agreed to this.

However, paying for all the housing expenses on my own was difficult financially and so I asked Shiela to find a tenant. It's been 3 months since I've asked her to find a tenant and she has not been able to do so. I asked her to cover that part of the mortgage that the tenant would've paid and she refused. Instead, she is asking me to split it, but still wants to keep her 50% equity.

What is the best way forward from here? What do you think would be a fair way to handle this situation?

[Brett Deas]

How did you two take title? Did you use an LLC/ If so what does the OP say?

Also who exactly is paying for everything. Is all the utilities in your name? If they are in hers then I would pay your half and no more because the debt will fall on her. I would also recommend getting her out of the property, whether that is buying her out or taking legal action it seems like she will keep causing problems so better to stop the bleeding now.