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. 

The first one is always a learning experience but it sounds like you're figuring it out pretty quick.

It sounds like all of your items are small repairs that will each individually be under the $2,500 deminimus amount. 

Since the issue sounds like it is still outstanding, and you cannot reach the tenant, I would be concerned.

Are the mechanicals (furnace/boiler/water heart/appliances/etc) of the property sound or are you going to be making an investment in these in the near future?

@Andresa Guidelli that sounds about right. 

@Frank Sanchez your numbers sound about right.

I don't know if this is a Massachusetts thing but does this sound correct?

@Soulo Zample that doesn't sound completely accurate.

This doesn't sound like any kind of awesome deal, unless I'm missing it!