Let me start off by saying the property is in a different state than the one i live in. 2 unit.

My old man bought a house with his best friend back in Nov 2019 but put me on title instead of himself. My dad bought the house for 102 k , his friend did renovations and put a little over 32 k into it. If its based on money each of them put in, the split would 76% dad/me and 24% the friend. The thing is the friend was supposed to remodel the kitchen right after buying the house which would’ve increased his cut to 30%.He blames it on covid but long story short, here we are and the kitchen still hasn’t been done and he’s been collecting 30% this whole time. I thought he had finished a while ago and just found out he didn’t. To be fair, he has been managing the property since he lives in the same city. He’s even been the one to find the tenants when the last ones just left. Either way, he’s not holding his end of the deal.

Im looking to buy him out honestly because I don’t trust the guy and him and my father aren’t really talking anymore either. I’m doing a cash out refi and giving him 30% of whatever the value comes back at. My father says i shouldn’t give him the 30 %, and of course he would feel that way since he bought it with his money but i feel like its a small price to pay to stay with property and get him the fuck off of it. My logic is , a property management company would’ve charged me 10-15% anyway.Do you guys think im messing up by doing this?