This is exactly what I meant to say, my sincere apologies as I probably was not clear in my initial message.
The goal here would be to have my partner buy me out of 1 property by using the funds of another property we own together plus the sale of another property he solely owns in case I did not receive all the funds.
I don't want to get in a situation where the proceeds of stated properities cover my initial expenses but when tax time comes around, I am oligied to pay capital gain tax and end up taking a larger loss. Furthermore, I would then need to chase my partner for the additional funds. Ultimatley, my question here is if I were to restructure my operating agreement that says prop 1 proceeds come to me, prop 2 proceeds go to my partner as he is now the full owner, and execute a promissory note that states these proceeds will cover my initial expense of prop 2 - will I still be taxed?
