Cashing Out Of Partnership
I am 50% owner of a property. One partner owns the other 50%. I want to sell my share of the property to my partner and walk away from the property free and clear, without any financial obligations. What is the best way to do this and reap the most benefit financially? We are open to all options. The property mortgage is 142,000 and it is worth 240,000. It is a NOO property.
How is the property ownership set up? Do you both own it in a corp or LLC? Or did you both just go on the note together as individuals?
The property is simply owned as a partnership. No LLC or Corp.