My business partner and I purchased a house two years ago in an LLC we co-own. He does not want the house and I want to improve and live in it. We have agreed that I would buy him out at the price that he initially paid.
I am hoping I can take him off the LLC and return his original purchase price and that none of this would trigger any tax consequences as there would be no gain or loss from his end.
Then I would like to quit claim the property into my name and do a cash out refi to have money for repairs.
Wanted to check with other folks though before going through with it and make sure there's no tax implications to any of this.