Any of that sound familiar?

Anyone effectively wholesale and sub to in Long Island NY?

Generally, when a debtor files for bankruptcy the automatic stay goes into effect, which is an injunction that enjoins pretty much every type of collection activity (look up that code section and read through the subsections).As a landlord, you even contacting the debtor-tenant with a bill or amount due or otherwise could easily be viewed as a violation of the automatic stay, which could expose you to liability (attorney fees, actual damages, punitive damages, emotional damages).

By creating an appealing listing, responding to inquiries efficiently, conducting effective showings, and choosing the right tenant, you’ll minimize vacancies and maximize your rental income.

idk, i feel like there are necessary details missing here. but i'm also wondering if it would make sense to just reallocate the percentages based on what each person is bringing to the table. it would've been easier if you did have an LLC whose operating agreement you could just change. there's also the 'lazy' 1031 or 'reverse' 1031 where you just make the sale, then strategize with your cpa on how to offset the cap gains for that year. also worth noting: 1/3 of something is better than all of nothing. it sounds like it's not really that partnerships aren't working, it's moreso that you feel like your % is no longer fair? 

It doesn't sound like they will make this right and you may have to go to Small Claims Court where documentation is key.I agree that there will be more damages coming your way.

It sounds like I should be good.

Does this sound like a good idea?

Sounds like they make money in some other ways like origination fees or taking equity from short sales but I doubt that happens often. 

I don't know how long you've been in the industry, but if it sounds too good to be true, it usually is, especially when there is so much scam stuff happening in the hard/private money side of things still.