At the moment I own a rooming house in upstate n.y. and have a problem that I need advice on. The rooming house was grandfathered in to my wife in 1995 after her father passed away and being that she was left the house she grew up in I let her run it after all she was doing it since she was a teenager. O.K., everything seemed o.k. we had 6 rooms in the house renting at about $400 a room per month I was working adding $600 a month and she had $1,200 a month from disability and the mortage was $700 a month not including the $7,000 per year on taxes and about $400 a month on gas and electric. My question is this, the selling market is bad now but we need to sell the house within a year because of some other finance problems I have a friend who said he would buy it for $175,000 but the house is really worth at least $300,000 I was wondering if there is a way I can turn the place into a partnership with him as to he can make money from the rents and we don't have to sell the whole house away at a loss and when the market gets better then we can sell it making a little more for all of us?
Hope I explained it good enough because I would really welcome any solutions you can give me.
Thank You
Bobby V
