As for financing, make sure to explore options for using rental income to qualify, and be prepared for a 20% down payment.

Renovation loans can be a fantastic tool when you're ready to explore your options.

Explore the possibility of doing liability insurance instead, if you don't have much equity it may be your best, and much cheaper option.  

You rarely will get both (at least not right now in this current market).If you want to explore different opportunities within various areas of the Valley, get a seasoned investor-friendly Realtor who is competent. 

Together, the property nets us roughly $1,400/month after expenses.Equity Split: My partner owns 60%, and I own 40%.I'm exploring ways to take out my equity without disrupting this deal, as I feel this isn't the best financial decision for me right now.

As I explore the neighborhoods in NW Philly, any suggestions on reputable agents with experience in those areas? 

A Title Company can distribute the proceeds based on the agreement, and consulting a CPA will help calculate tax liabilities and explore strategies like a 1031 exchange to minimize taxes.

Here are a few avenues folks often explore in times like this:You are already on this path - Owner Financing: It's great that the seller is willing to finance a portion of the deal.

And feel you'll have more options / strategies to explore with a tri or quad plex in the long range.

I also have few loans with flagstar and would like to explore changing from personal name to LLC.