In a subject 2 deal, when title is transferred to your name(but the loan stays in the old owners name) that owner forfeits all rights to the future value of the property, unless your contact states otherwise. 

During the Due Diligence period you are able to walk away from the contract at anytime, for any reason, but you forfeit your Due Diligence fee if you opt to terminate the contract.

I decided at that moment to forfeit the $1,500 I had already spent on this contract, which saved me $48,500 instantly, not to mention the problems I potentially avoided.

You will also want to add something in there about the husband forfeiting the deposit otherwise you may come into some issues when the wife vacates and the husband wants his deposit back. 

If i go about this by trying to get a conventional loan, will that be forfeiting my First time home buyers opportunity? 

Aside from making sure your assignment fee is accurate on the HUD and that the EMD is properly secured and forfeited to you in the event the end buyer defaults, try to stay out of the way.

I require 50% paid at the time of booking and the remainder paid in full two weeks prior to check-in.If they cancel more than 30 days prior to arrival, they get 50% of the deposited funds back.If they cancel less than 30 days prior to arrival, the forfeit all deposited funds.If I find someone else to rent the place for the same terms, then I will refund everything.

Removing the financing contingency doesn’t help…the lender doesn’t get any EM you may forfeit.

I bid on PINs that do not show any sold, forfeited or open taxes but you never know what the county comes back with after they do their research.

If they fail to follow through, for any reason, they forfeit the Holding Deposit and we put the property back on the market.