The OA is silent on the method of ownership. 

Current partnership for one Single Family is approx 50k down payment, 10k partnership/management fee, 10k put in bank account for operating expenses.

I would check to see what you could rent the house for with your low down payment mortgage.

On the 15 yr fixed mortgage's I use, that comes out to about $250/month in interest payments, or $3,000/year. 

For calculating this, there is a bunch of methods, first months rent is easiest to understand and execute, but might not represent how much work you put into the deal especially if the tenant is very picky or gets denied.

To combat this, I did a 2-1 buydown to temporarily lessen my monthly payments.

I am strongly considering cashing out my 401K in order to be able to afford the 20% down payment that is required on my next duplex. 

To combat this, I did a 2-1 buydown to temporarily lessen my monthly payments.

I found a property that cash flows around $100-$150 in Bakersfield, depending on the interest rate, but I am wondering if it is a good idea to take this and run with it as a first rental, in order to be able to cash out refi in the future to be able to put a bigger down payment on a mult-family property.

I think (emphasis on think) I have found a deal for me but here is my situation: I am a recent college grad with no 2 year income (just yet) and I came across this property inHamilton, NJ, in which i need between 100k - 144k after all costs (rehab, closing, 20% down payment) I do not have this money as a 22 year old, so I naturally wanted to get an FHA loan but the problem is, its a quadplex that has all units occupied, so i cant really live here because there would be no space, unless there is a way around this.