Question regarding shared ownership of residential real estate used as a rental.

Unless you have a written agreement with the other owners, or you all own the property as a partnership, then each owner has the legal right to force the sale of the prpoerty, unless it is big enough that it can be divided into separate pieces. A forced sale is expensive, takes a very long time, probably at least a year, and often does not produce the best price for the property.  Therefore, it is best to negotiate almost any other solution. The two owners who want to keep the property might be able to refinance the loan on the property and take out cash to buy out the third owner.  The three of you could sell, and the two who want to continue in the rental business could use their share from the sale to trade into another property. This has to be done in a way which conforms with Internal Revenue Code 1031, regarding exchanges. Why does the third owner want to sell? Maybe you could lend him the money he needs, secure the loan with a deed of trust on his share of the property, and he could pay back the loan from his share of the rents. When the loan is paid off, your back to being co-owners. Depending on what the third owner really needs, there might be more solutions. Please call me to discuss. Dana