How is the condo now titled? Can the house be titled in a corp with the corp owners changing. First look at deed title and current loan docs.
What really matter to new owners is current market value, which as you now has gone down lately. Are you saying current market value is $150k. Will the sellers sell on time with a second, do you know and trust these new partners? How limited are the funds of these new partners? Are you saying they can't pay down their portion of the existing loan, assuming it isn't called?

CMarlin,
Good questions on the title and note that I'll have to research. I know there have been a few different owners brought in over the years (prior to us, we're the newest owner). All transfers have been via quit Claim deeds (Including me). There's been no strangers, each has been a friend or family member of one of the owners. So far no casulities, arguments or fall outs.

Doing some limited internet research on other unit in the complex for sale or recently sold, market value should be in the 150K range. I know the new partners. One of them is the daughter and husband of one of the existing partners. The other new partners are friends as well.

They will need to bring to the table the equal 1/3 of the deal or we'll go in another direction.

I know, it's getting complicated...