Were you planning on renting it out (where that tenant COULD remain?)

So, if they have a lease with 8months remaining, and you buy on an owner-occupant mortgage requiring residency within 3 months (typically) you would have to take the vacant unit and honor the remaining term of the existing lease.When that lease expires, I am guessing, you have every right to not renew their lease.  

Mid to high end condos will remain stagnant. 

Taking on deals like this that decrease wealth, such as low return high upfront cost whole life insurance, paying 19% interest on credit card debt, paying 2% annually to have a “wealth advisor” place your money in Vanguard Index Funds, paying for a high cost mortgage because you’re credit is bad, and “debt consolidation” programs are all reasons adding up to why many people can’t achieve financial independence and remain dependent on working every day to live paycheck to paycheck.There is a chance that in a particular circumstance any of these, including the program offer you describe, can be beneficial in certain specific cases.  

I know this is a somewhat controversial product but a reverse mortgage is an option for folks who want to remain in their home and age in place but need a source of cash flow.Hope this points you in the right direction.

How have you handled the transfer of all deposits/payments received and the remaining payments received after closing on those future bookings?  

The remaining mortgage is $27K.

Personally I would go with Bill's route as it seems like the fair path (split the remaining 2 months).

The expectation is that once a real estate project is up and running it should remain profitable for the lifetime of the project.

Which means your partner would only be coming in with the remaining 30%, of which you stated you would repay plus interest and equity in that deal and future deals.