If one partner puts in more money than the other, you could change ownership interests, you could treat it as a loan, you could reduce income/profits from the non-contributing partner until the contributing partner is paid, etc.You will want to discuss with each other who will be doing what management functions and whether that is worth anything to you both.

Even non-recourse debt still leaves the asset at risk if you're dealing with an inexperienced or unknown syndicator/sponsor. 

Now the growth of the base up there and housing shortages you may have some long term/ “off season” (non-summer) options, that wouldn’t been a bad thing but w the harsh winters, and likelyhood of cabin fever, is think your market is extremely small and even then, my requirements and checks would wipe out most of those interested.I wouldn’t waste my VA on it though.  

Yes I do realize I still need to manage all the non PM parts and those are actually the aspects I enjoy more.. just wondering what renter interaction will I need to do as a landlord, even after shelling out for PM.

If there a "Legal Aid" non-profit group in your area maybe you could contact them for free help or contact a lawyer.In my State, I believe I could evict for illegal activity because my lease says that I can.One of the problems with illegal drugs is that the landlord could lose his property if someone is dealing there which is unfair, in my opinion, to the landlord. 

Any folks have insight into a local bank in Columbia SC area that is willing to do cash out refi on a non-seasoned rental property?

If using a lender this is a non issue.

I hadn't bothered to issue him a lease, since this being NJ it's very difficult to evict someone for other than non-payment, and you cannot simply choose not to renew.

For rental purposes though I  think most just have to figure out what they are willing to do vis a vi risk / reward.. also in your numbers above there is no PM.. so for mom and pop self manage that's what I would consider pretty attractive for non appreciating or historic non appreciation markets.. 

If you don't have enough Solo 401k funds to purchase the property as an all-cash deal, you can combine your Solo 401k funds with non-recourse debt to purchase the investment property.