Need help on real estate buy out
Question Details: I purchased a forclosed home with a business partner almost a year ago. The home required renovations which my partner and I completed, bringing the assesed value of the home up $68,000 from it's assesed value when purchased. Originally, we planned on renovating the home and renting it out for a monthly profit to both parties involved however since the renovation has been completed my partner wants to "buy me out" of the property to own and live in the home himself. What is the proper way of coming to a "buy out" price in this case? If we cannot agree what are my options?