My question involves real estate located in the State of: Colorado

Hi,

Thanks in advance for any opinions...

I will make this as short as possible. Really I just wanted to ask some folks how you would approch this scenario because its starting to worry me.

A house was bought with a friend 6 years ago. I have never been on title but put all of the down payment into the property (7k). We have rented the house ever since so far paying the mortgage down as scheduled. Two years ago my friend got in a lawsuit, and to protect his asset, he moved our house into an LLC with his stepmom listed as owner. He paid a lawyer quite a bit to do this and DID NOT tell me about it. Now, I want to make sure he writes me a check for half the down payment and then I get listed on a promissory note as half owner of the property perhaps with a second mortgage in my name for half the amount of equity above the loan amount.

Now, let's just pretend the worst case scenario. He does not want to give me half the downpayment. Does not want to agree on half of equity etc. This most likely wont happen but I like to prepare for the worst. Would I have any claim to the property? I have maintained it mostly myself, have done all of the property management tasks and repairs, have all receipts etc. I know "never do something like this with a friend" but I would just like to hear some opinions...

Thanks again!