arrangement, you can buy out the property over time.
A specific term like 2,5 or 10 years may be viable for the aquiring member to pay off the members financing the property to be paid off from the sale of the property, or through a conventional refinance. It is recommended that a deed of trust be recorded against the property that grants the power to foreclose, if the buying member default on payments. Family is family, friends are friends, business is business. Document any and all agreements. The use of an attorney is advisable, especially in California, where you need to make sure all “Ts” are crossed. Renting the property could be the solution if none of the siblings are interested in keeping the property personally, but as a group the heirs see benefit in the house as rental or investment property. If you have a friendly relationship and can get along for a long period as co-owners of the property, you can rent out the property and take your share out of the proceeds monthly. If one of the siblings manages the collection of rental payments and arranges maintenance for the property, the effort can be rewarded by the others with an increased share. Whatever the terms are, though, it is advisable to record them in a written agreement to forestall future disagreements and conflict. Be aware of the potential ownership limitations renting a residential property in areas like Los Angeles where Rent Control and Just Cause Eviction laws are in place. It will limit your capability your ability to remove tenants and owner occupy or sale the property in the future. A lawsuit for partition should be the last resort for you to settle the inherited property if you cannot come to an amicable agreement with your sibling over the settlement. If it comes down to it, you can file a lawsuit asking the judge to order the sale of
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