You may have the 3 day option period there if that hasn't passed yet.My second thought is, in consultation with your agent, if you are willing to give up the earnest money, offer the inspection report, your bank appraisal, and be willing to release your earnest money. 

Always consult with your attorney before you rely on the above information.

I am providing SEO and digital marketing consulting for a design-build firm operating in established and up-and-coming luxury mountain communities in the Colorado Rockies.

What I do know for sure when I consult for an hour or two and walk folks through this I charge for my time..

I would work with a real estate attorney and get a consultation 

Of course..consult with a tax pro.2.

Consult with a tax professional or accountant for precise guidance on your specific situation, as tax rules can be complex and may vary depending on your individual circumstances.

The Father works in construction project management consulting and can make about $5000 per month over the course of a year; however, it is cyclical and currently does not have a contract.

So you likely need to involve either a consultant or developer prior to make sure you don't buy something that doesn't have a fatal flaw or constraints that make the project not pencil out financially. 

I would consult a lawyer on this one before you make a decision.