I have a 2 family house.  I live in the downstairs.

My wife and I want to move to a new house.  We figure we want to keep
the current house we live in but we need some cash to put down on the
new house.

Question:

I want to sell my brother 50% of my current house which will be cash
flow positive with both units rented.  We owe 245k.  If I were to sell
it I wouldnt take anything less then $334,000.

So, how does my brother by in 50% of the house.  Does he give me cash
for 50% of the equity and we get a new loan with both names on it?  Is
it possible to do this at all?

The idea is to try and give him (and us as 50% owner) a long term
investment while giving me some cash for a down payment on a new
house.

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Request for Question Clarification by weisstho-ga on 16 Aug 2006 08:48 PDT

Hello Johnny50,

What state (or country) are you in?

weisstho-ga

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Clarification of Question by johnny50-ga on 16 Aug 2006 10:45 PDT

I'm in Rhode Island, Washington county area.

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Clarification of Question by johnny50-ga on 16 Aug 2006 10:46 PDT

USA : )