" Renting" an investment property from an ex partner.

Purchaseed a home with my then partner back in 2002. We split up on good terms in 2004, i moved into a rental with our kids, he has stayed in the house since , has made all repayments etc, its never been an issue for us, it was all about having a home for our kids. My name is still on the mortgage. Hes always been insistent that i would receive some sort of cash payout in the future, i never really worried about it .
In a nutshell, my ****** ex from 2015 has screwed me financially on a loan we got together to buy a new car. Idiot has written it off with no insurance. He hides better than wheres wally,.....Debt collectors hounding me for nearly $38,000 , they tried to repossess car as no payments have been made for months, but they can't find or contact him.. they dont know car is a write, im trying to fly under the radar cos im terrified I'll be forced to sell the house cos its an asset.
Our plan is to refinance the mortgage to get my name off it, and my ex buy an " investment " property, which i would live in as a tenant and make repayments on. Anyone else done it like that? There's probably so much legal stuff involved, but is it still regarded as an investment property for tax purposes etc? I'm technically not family, we were never married, our kids are grown and flown the coop. Would love to hear if / how others have done the same, and would appreciate any tips or advice on how to go about it. Thanks

 

To get your name off the loan and mortgage you would need to come off title.

There are no issues with renting a property from him/her. it doesn't matter whether you were married or not. But if he is in financial trouble just consider he could lose the house at some point and you might need to move.

 

Yeah, so refinance the first property so its all in his name, then purchase the 2nd property . First property we paid $149,000, now valued at $650-$700,000. Im looking sort of rural, less than $300,000. Maybe work it to borrow enough to pay first one off completely, then start paying 2nd one off. That way he'd be able to also help pay for 2nd one, which hes ok with doing. He's financially ok, not roling in cash, but not in financial difficulty

 

I would get some legal advice from someone with family court experience e.g. divorce lawyer. I'm not clear what's been going on, but I think it's probably in your best interest to get legal advice to settle with your ex-partner/s. Then, start afresh, and look at your financial situation.

 

So nothing in your name? Seems risky if you’re paying for the second one - are you happy to pay rent that goes towards his property?

Seems like he will end up with 100% of both properties?

Are you ever going to get any cash for your portion (half the value of the property at the time you split)?

 

has screwed me financially on a loan we got together to buy a new car. Are you saying you co signed for a car loan and are seeking to avoid payment of your share of the loan?
You believe you have a financial share in a property you purchased with a previous partner and want to avoid any of those funds being taken to pay the car loan?
You are interested in obtaining accommodation with the purchase of a 2nd property from proceeds of the share of the expected share in the 1st property?