Title Transfer
We "three friends" purchased a commercial property at a forclosure auction with intent to flip it. Two friends want to keep the property and restart and operate the business. We purchased it as undivided equal interest. What is the best way to let one friend go and set up the business for the two friends.
Thanks. 
Regular purchase/sale agreement should work fine. Gets a little more complicated if you're not paying the full amount right away - then a note and deed of trust may get involved.
Also could try transferring property to LLC with the 3 of you as members, and then doing a buy-out of the 3rd member.