Since then I have focused on arranging financing (ex-Wall Streeter) for large commercial properties but looking to get back into the game. 

Jay Walsh, please arrange early buy-back of my two properties at my purchase price and settle all the outstanding rentals.

I let him know that he needed to make arrangements as I was not renewing his lease for the month. 

Before you contemplate those uneven distributions, talk to an experienced REI tax accountant, as there will be some unintended tax consequences, especially at sale, not to mention the complexity of arranging it and potential friction between the partners.

You are welcome to contact my office and arrange a complimentary consultation so I can provide you with further guidance. 

I arranging a private sale with owner - he needs full-time medical care, and he likes me, so he is willing to part with property if I pay off his mortgage and slide some cash his way.

The way it's arranged each one has liability of $500,000 and the umbrella goes on top of each one.

I'd say I'm in the analysis paralysis stage, unfortunately. 

Now you have to find living arrangements for the new lease signers.

My experience is that people stay about the same under either arrangement.