Partnership Gone Awry!
Ok, a 15 year friendship has ended over a duplex. Essentially over 5k in equity.
I put the deal together, put the property in his name and boom! One month later, I'm on the outside looking in.
Yes we had a partnership contract signed.
Man, money can change folks sometimes.
No, I'm not going to persue this. I've said to him that I'm sending him my copy of the contract. I'll not contest, and I wished him all the best in his real estate investing carrer.
Any such stories out there?
Very sad. Very, very sad, I am.
Thanks,
OnTheWater 
I have lost a "good friend" over a rehab partnership. Actually she was never my friend, it just seemed that way. She was my mortgage broker, realtor and then my partner. So she got a peice of all my pies, but I guess that was just not enough. There were a lot of last straws, but I think the very last straw is when she insisted on listing the our rehab house on MLS and getting her full 6% commission.
I come from a sports back ground and was unprepared for the money hungry real estate people. You just ask someone a question and they either want to mentor, partner, sell you their material, or resent you asking because they had to paid a guru for the answer. It is the minority of people in this business who are trustworthy and genuine. In sports, people cheat - in real estate, the steal.
Brenda
Partnerships which work are rare. I had a friend who chewed off more than he could swollow. He bought a package of 10 homes all of which needed rehabing. All were in a blighted area. He offered me a 50/50 partnership. I declined. He then told me that if I refused, he would have to file bankruptcy. He said with my cash he could have them all rehabbed and sold within 6 months..
Twelve months later I began to ask questions. Nothing had been done. I jumped in and too 100% of the task of hiring subs and selling the properties. My partner did nothing further. I got the job done and the properties gone but it took me about 18 months. We made money. He got 50% and I got 50% of the profits. We remain friends. I vowed to never again enter into a partnership. They're just too costly.