Partnership refi exit strategy, can it be done?

[Caleb Webster]

Is it unusual to structure partnerships so that the sponsor/operating member of the partnership (the person that put the deal together and managed it) completely cashes out the equity partner during a refinance and assumes 100% ownership of the property? 

I've seen plenty of deals where all partners have their initial capital returned to them + profit split at the sale of the property but not sure how this would be structured if I want to own a property indefinitely but don't necessarily want to be in a partnership with another investor indefinitely.