Be mindful of recapture tax when selling but consider long-term strategies like a 1031 exchange.This post does not create a CPA-Client relationship.

Also, the whole point of hiring a PM is to handle tenant, maintenance, and rent collection, so if your partner isn’t actively managing but just supervising the PM, IMO not worth having a two people essentially looking over the same tasks.Contributing financially for one person and the other having no financial stake raises decision making questions, such as when to sell, how profits will be distributed, etc.

With no comps in the area for new construction and the highest rehab selling for 205k, building enough at the onset, 4-6 new construction homes, may be the only way to start a neighborhood turn.The city is looking to increase density in the area and add anchor points in near the area to cater to future investment. 

Will another property come in better and may sell cheaper after you close?

You could build or flip less expensive units and sell them to your clients/occupants over time.

If you do have to move because of a job, you would be safest (in my opinion, i am not giving legal advice or financial advice), i would sell that property to ensure that you did not just purchase with the goal of moving out early and taking advantage of lower rates and lower down payments for purchasing your home as a primary residence. 

If you have any equity in the place, then try and sell it. 

Open houses are typically used to generate leads, not sell houses.

You can sell these things in an up market and make an absolute killing.

Sell your car and get a loan on a new car.