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Say the property is worth $300k and has a mortgage of $250k which will be refinanced to $210k. $45k will have to be put in at closing to pay the loan down and pay closing costs, and one person will put in $35k and another $10k.

An unsolicted comment,

Have they considered just selling? Your numbers are generic, but imply that there is around 15% equity in the property.

The refinance will complicate handling of the property. One owner has had a significant reduction in income. Is the loss of income the reason they don't want to include his name on the mortgage application or is it because they have a problem with their credit score? The second owner is also weak financially. What if they can't obtain a mortgage in just two of the three property owners names?

I helped an elderly relative with managing an inherited properties that was split between her and a SIL. With even interest in the properties, management wasn't that difficult. A partnership would only have complicated the management. Sale of the property was forced when the SIL passed away.
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