Six months ago, a business partner and I purchased a single family house for $75,000 with the intent to fix and flip the home. We had estimated rehab costs to be $30,000 and we could sell the house for $175,000, resulting in an estimated net profit from the sale to be $40,000. We had agreed to split the profits 50/50. Before the rehab phase began, we got into some disagreements and my partner had sold the house at cost to another party. Not at the as-is value of the house of $95,000 but at the cost of $75,000. He did this without my knowledge and without my consent. He deliberately sold the house for under market value to make a quick sale and to do so before I had time to figure out what was going on. Can I sue my business partner for my anticipated share of the net profit for deliberately selling the house for under market value to block me out of the deal?
There may be valid claims but a lawyer has to sit down and evaluate the facts. Your question makes assertions about motives of others that have to be proven at trial.
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