If you have an LLC, fees are here : https://www.cyberdriveillinois.com/news/2017/decem....For taxes, it is possible to get a small deduction from the LLC's return via a pass through deduction but the tax law around this is complex and situation specific.

GC's are seriously taking advantage of the situation. 

Are you looking to patch your current situation?

@Charles ChiuI am in the same situation. 

@Mark McNaughton yea a $100 flat fee for a 3plex sounds like a situation where you would be unhappy with the results.

I do not know what the partner is willing to take for his interest at this time, but I think he is trying to replace the worry and stress of ownership with a lump sum in the bank.

I had a similar situation; after calling most major banks/lenders, and getting "no actuary will every approve that," I was able to work it out with a local Credit Union. 

Anyone who’s ever been in this situation, what did you do?

Just paying the taxes gives you no legal leg up on owning the property.....that is misinformation.....maybe they are referring to Adberse Possession which wouldn’t apply in this situation typically......state laws are specific.You are going to have to talk to a probate attorney in Your state.  

In some cases, they vary that much in the same town.This creates a situation where I have to explain to people the difficulty of buying in certain areas.