Went into a multi family property 50/50 with a relative against my gut. Things are going horrible. Need to get out. Best options? Buy him out? He invested maybe 4-5K in time (demolition work) and 2K in cash. I’ve managed the whole thing for 9 months. 10% of gross rents (as a management fee) would be about the same (6-7K)). Bought at low in market just after COVID hit. I want to keep the building. Seems fair to give him his initial investment back + some additional money for market gains. Help!

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Did you guys decide market gains will be split in proportion to initial investment ? If not market gains would get split 50/50. Besides its your relatives descision to make if they even want to be bought out or not

We bought in 50/50 so assuming we will split equally.

You may have to give him some premium to sell

Does the relative want to get out of the deal. ?

Broker price opinion. Basically an appraisal

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What is so bad about it?

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