Best exit strategy for JV rental house?

[Jacqueline Coombs]

Hi, all. Last June, my partner and I purchased a 3 bed SFR from a wholesaler at 32k. The house was already rented when we bought it with a section 8 tenant at $750/mo with a lease until May 2017. Originally, the tenants were going to move and we were going to do some minor fix-up, rent it for market value at $1000/mo and sell it for around 70-75k and split the profit. Value "as-is" is about 55-60k. We both have over 17k into it at this point and we would both like 10k back on top of that if we decide to sell. Another option I considered is buying out my partner's half and paying him 10k on top of that. I don't have the money right now to buy him out and I'm thinking it may be easier to just sell it and put my $ into something else. I'm just starting out and my goals are cash flow and growing net worth. I'm wondering if it's more worth it to keep the property and pay him off when I can in the spring ( I would be all in at about 43k not counting improvements) or sell it now, get my cash back out and keep flipping to grow my capital. I appreciate any feedback you may have for me. Thank you! Jackie Botham, GR, MI