Property – jointly owned – one living in, one investing

Hi there,

I've been doing a bit of googling and come across your site! Hopefully someone can help me with some answers before I pay to go see an accountant about my situation.

I bought a house with a family member a couple of years ago (own it 50/50, pay the mortgage 50/50) and we both lived there.

Earlier this year I moved out and bought another house with my partner where I now live.

I view the other place as an "investment property" however my family member still lives there. I can't say she is renting it as she half owns it.

Is there a way I can negative gear my half of the property while someone who is on the title and mortgage is using it as their primary residence (ie living there)? Apparently banks will not take someone off the mortgage so that doesn't seem to be an option. (I was thinking put it in my name soley and she 'rents' it off me).

I'm paying a lot of money for my 50% of that mortgage (plus my new residence) and getting no return. Moving in a tenant to sharehouse is not fesible at the moment but would that help matters?

Any advice on how I can better structure my 50% of the property would be much appreciated! At the moment it's a good long term investment but doing nothing for me in the short term.

Many thanks,
Megan