Q: My husband and I would like to sell our 2 rental properties. We are 50/50 owners with a friend

A: You usually would need a sales contract and disclosures etc to avoid possible problems in the future.

Who has been managing the properties?

If you can't agree on terms, you could file a partition action in Court and have the properties put up for sale in full, which might fetch a better price.

A: It should be a simple process if you all parties involved can arrive at an agreed upon sale/purchase price. However, be mindful that there could be tax consequences - you should speak with your tax accountant to determine what they may be and if you should consider doing a tax deferring IRC Sect. 1031 exchange.

A: It depends on how you hold the title. If you are tenants in common, then you can convey your interest by deed. However, if you have a partnership agreement, then transferring ownership will be governed by the partnership agreement. Most likely you will assign your interest in the partnership to the buyer.

I would encourage you to have a written agreement that spells out the terms of the deal. There are also possible tax implications that you should run to ground with your accountant. Finally, I would conduct the transaction with the help of a title insurance company, get a preliminary title report, open an escrow, and get the title insurance updated upon closing.

A: Yes, it is as simple a process as you can make it. But if there is a disagreement as to value or FMV then you will have to get an attorney ASAP. Best of luck.