What happens if Alice creates a multisig transfer to Bob's address but she is the sole co-signer. I presume Bob will see the transaction but will not receive the funds until Alice spends the input by signing with her private key. is that correct? Now, after creating the multisig transfer what happens if Alice never spends the input (i.e. she never signs with her private key)? Will she somehow be able to recover the tokens given she is the sole signer
IOTA multisig transaction handling is done off-tangle, i. e. the transaction will be sent from one signer to the next without ever touching the tangle (and the tangle would reject bundles that don't have all required signatures).
Only after all signatures have been collected, the transaction is added to the tangle and Bob will be able to see it. Before, the IOTA remains in the multisig wallet and Alice can spend it anyhow she likes (if other signers agree).
Perhaps you are confusing multisig with flash channels? But even in this case, your question does not make much sense (a flash channels is opened after both parties have signed the transaction).