Unfortunately, some renters will say anything—even things that make no sense in an alternate universe—to avoid responsibility or financial consequences.

I’m happy to be in a forum with fellow investors and people wanting to master real estate.  I enjoy hearing about peoples’ personal wins and innovative, creative strategies.  I hope to be able to contribute to other p...

Together, the property nets us roughly $1,400/month after expenses.Equity Split: My partner owns 60%, and I own 40%.I'm exploring ways to take out my equity without disrupting this deal, as I feel this isn't the best financial decision for me right now.

They love the idea of wealth, financial freedom, but don't want to put their own financials on the line.

Are there other legal or financial consequences I should be aware of?

instead of seller financed which would be less advantageous for you financially.  

@Jennifer Fernéz I run sum numbers for you with our tool, see comments and pics below before refinancing and post refinancing .Financial Breakdown: Purchase Price: $200,000 Mortgage (LTV 80%): $160,000 Interest Rate: 6% (30-Year Amortization) Mortgage Monthly Payment: $959Upfront Costs: Down Payment (20%): $40,000 Closing Costs (3.5%): $7,000 Renovation Costs: $15,000 1 Month of Carrying Costs During Renovation: $1,548Total Upfront Required: $63,548Year One Rent: Monthly Rent Income: $2,000 1 Month Rent Losses during renovations (-$2,000): -$167/month distributed over 12 months Total Rent Income: $22,000 per year => $ 1,833 per monthMonthly Expenses: Mortgage Payment: $959 Property Tax (Assuming $3,000/year): $250 per month Property Insurance (Assumption): $100 per month Utilities (Hydro, Gas, Water): $275 per month Assuming 5% Vacancy: $92 Assuming 0 % Repairs & Maintenance first year because unit has been recently renovated Total Monthly Expenses: $1,676Monthly Net Cash Flow: $157Post-Renovation Refinancing Strategy after 12 months:So far, we’ve purchased the property, completed renovations, and rented it out.Next, you can approach the bank for a refinance to consolidate a portion of your initial investment into a mortgage.

This may help with getting your parents to have more confidence in you financially. 

This provided Archie Raglin with the financial backing to close quickly, ensuring no delays and maximizing the opportunity for a fast sale at a profit.

Our underwriting focuses primarily on the property's return on investment and/or cash flow, rather than personal financial details.