Seeking guidance on how best to exit a partnership mid-flip and the tax implications I should prepare for.Detail and timelineI bought a duplex in January for cash - standard closing with the buyerIn May I let a partner buy into the deal with cash and had his name added to the deedthere was no recorded transfer of $$ at this closingMy partner is now offering additional cash to buy me out of the partnership and take over 100% of the dealHoping to better understand at a high level what the typical path forward would look like in this scenario ?

Be prepared to hold the property long term as your exit options are limited the first 5 years or so.- It is best to stick to the turnkey providers that are okay with traditional lending. 

Remember luck is when preparation meets opportunity.

Always be prepared for the worst and hope with the best.

Over-leveraging can be troublesome, but sometimes you need to get creative. 

It would probably have to be a creative portfolio lender in either scenario but if the numbers work they may take a chance on that.

I think whether turnkeys are good for out-of-state investors completely depends on:the investor's goals and interest levels in what kind of investing they want to dowhat turnkey company they work with and what they buywhether or not the investor is prepared to do their own due diligence and maintain an eyeball on what is going on with the property, even when other people are primarily managing itI've almost always bought turnkeys out-of-state and I've loved them.

That being said you can find some stellar deals if you get creative.

I reached out to a few other investors I know too, and they've offered a few creative solutions, some tested in court, some not.

Be creative.