Posted by Allon Thompson on October 11, 1998 at 16:40:18:
Having gone thru this exercise a couple of times, I would first find out what my partner would like to do. The partners flexibility will determine if you can owe him the money or does he have to have the cash? Is he motivated enough to be open to ideas? Will he accept the equity with the commission deducted? As the partner retaining ownership, my goal would be to have him finance for 50 years at 4%. To do that, have a deed prepared to deed property from you and partner to you. Do a HUD 1 and treat it as a sale.