@Levi Thornton, thanks for the stats.

., like Levi T. said get someone qualified to do the contract and use your standard state association of realtors' contract unless you have a very good reason to deviate. 

We did that so we could sell a couple of our apt buildings over 3 calendar years and avoid the excise transfer taxes here in WA, which you don't have to pay if 50% is not sold in one given year.  

Also in our area we have excise tax or personal property tax on vehicles.    

@Levi FoxWelcome to the site.

The other co-owner has a Federal Tax Lien levied against him.

This would give the IRA an infusion of cash; however, those monthly mortgage payments need to be paid by the IRA, not the IRA owner.A prohibited transaction can cause the IRA to lose its tax deferred/exempt status, it will be distributed, the income will be taxable, there'll be an early distribution penalty if the owner is under 59 1/2, and there'll be a punitive excise tax on top of this for the PT.  

The same applies with exit costs; with no taxes or levies, your net profit is not reduced by the act of selling.I would love to commence a discussion involving people who have invested in markets with high entry and exit costs (US/Australia) and also in  markets with low costs.

@Levi CarterIt might be more important to find out how much it will cost to finish and how much it would sell for - then we know what you can pay for it.  

HI Allan,First of all you can cash out to 75% as a non owner property if its considered 1-4 financed properties (up to 6 with freddie mac) assuming you're planning for a conventional financing route and this is a 1-4 unit residential property since commercial or multifamily will go off different guidelines.Seeing that you have 4 partners, the "financed property," count will go off the partner who has the most financed properties so you may end up funding in the name or the most favorable partner and may decide to deed/transfer the ownership up according to your perogative (legal question seek professional help).Some states have transfer or excise taxes to do this so be sure to know first for your state before initiating these transfers.