Posted by Martin Engelking (FL) on July 21, 2001 at 01:48:58:
Since I’m new to RE, this is not intended as advice
I’m guessing that the owners are listed on the property as each having 1/2 interest. Would it be possible to buy that 1/2 interest from one of the owners and amend the deed? Of course, you would also need to write up a nice contract with the remaining owner to make sure that he will still take equal part in maintaining the property, etc., and that he will still split the rental income with you.
Maybe you could do a warranty/quitclaim deed with Owner 1 and Owner 2 as the grantor (seller) and Owner 2 and You as the grantee (buyer).
How would you go about cashing out some of the equity for the owner? Take out a mortgage on the property and in your name only?
These are just a couple questions to get you to think creatively.