I have a client who purchased an investment property in the Orlando, FL area less than a year ago with a partner. Now he wants her to sell the investment so he can get out his half of the "profit." (She put up all the cash.)
Problem is -- values have dropped and a sale would entail a loss at this time. (He doesn't seem to understand this.)

In SC, to my understanding, to force her to sell he would have to take her to court and have the judge order a partition sale.

Is that basically the same way the law stands in Florida? Can someone enlighten me? I've advised her to consult a Florida RE attorney, but now *I'm* curious!

Usually the laws apply on to where the property is located.So if you set up an llc in north carolina but buy a property in florida,florida state law applies.How it would be split up would depend on the agreement they wrote out when they bought the property and how title was taken when it was purchased.The partner would also be liable for any capital gains which does not sound possible given the current market.

good luck not giving legal advice,let us know how it turns out,interesting post.

Generally there are only two times when there is a problem with partnerships: when they're making money or when they're losing money. :rolleyes:

A faster, cheaper way to resolve this matter might be to get a fee appraisal done on the subject property to demonstrate what it's currently worth.