If you're getting recourse debt from a local commercial lender they often will allow you to roll rehab into the loan up to a certain % of appraised value.  75% LTC is fairly common for that size asset, assuming debt coverage is adequate.   

I wanted to do it myself and ensure it wasn't a full finish to avoid paying property taxes on additional livable square footage.

I think it starts at 6 but the first part is just networking - a fair number of people come in late. 

I am thinking of structuring the exit as follows if the property doesn't sell.Cash out Refi if property doesn't sell in 90 days after listingValue at $425K (regardless if appraisal comes above that amount)Take on a loan for $332,500 (Partner's $270K + 62,500 split)I would then hold the property and rent it out at $2,400 per month.My cash in would still be $30,000 (plus any equity i keep from refi)I guess my question is: Does this sound like a good deal and is it a fair exit for the partner. 

If they don't answer the door, at least open the door to ensure it's occupied then lock it up and post a notice demanding they contact you within 72 hours or face eviction.They could be dead, abandoned, moving in their three friends and sixteen cats, etc.

The area where the property line is roughly located seems fairly obvious, but I want to know more precisely its location.

There may be ethical reasons to not assign a contract (my personal opinion is that (1) if the contract provides seller financing or other terms that rely on the performance of the buyer after the closing, it is unethical to switch buyers without the seller's permission or (2) if you haven't properly vetted the assignee or used language to prevent them from also assigning to someone who can't perform and you are not able to close if they fail to, that is not fair to the seller) but that is a personal opinion not a legal distinction.I'd be interested in taking assignment of your contract if it is a truly profitable deal. 

Health is ALWAYS a must, ensure you keep it as long as you can.  

To be fair, the theater was in very bad condition, and low estimate repairs ran around $100k-$150k.

I'm not so sure the deal sucks if the actual fair market rent is $2250 for a fully renovated house.