It sounds like the multi-family approach could work well for you. 

Does this sound like an okay plan?

The old PM said it sounded like a really bad clog.  

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.

DO you have any deals that you are looking at at this stage? 

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?

I am at that stage of narrowing down my list of potential cities.